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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Land: valuation: basis of valuation: asset to be valued

When a valuation is required at 31 March 1982 for rebasing or for indexation the value to be obtained is the price which would be received if the asset held by the taxpayer at that date were to be sold on the open market.

It is important to note that it is the asset as it stood at 31 March 1982 which is to be valued. This principle applies even if the asset is in a different state at the date of disposal. This is illustrated by CG74220 - CG74251 below.