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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Land: valuation: land outside United Kingdom: procedure

The precise procedure to be followed depends on whether the foreign property in question is a residential or commercial property and on the amount of the sale proceeds. Properties with mixed commercial and residential use should be treated as commercial properties for the purpose of this guidance.

  • Where the property is a commercial property, in all cases a valuation request should be sent to the Valuation Office Agency at the Land Portfolio Valuation Unit following the procedure at CG75820.

Land Portfolio Valuation Unit,
5th Floor,
Sherbourne House,
1 Manor House Drive,
Coventry,
CV1 2TG.

  • Where the property is a residential property, and the disposal is at arms length, a valuation request should be sent to Specialist PT Shares and Assets Valuation, addressed to SAV Foreign Land, following the procedure at CG75820, except in cases where

    • the sale proceeds are less than £100,000, and
    • the only valuation required is at 31 March 1982; and
    • the value returned by the taxpayer is not more than 1/3rd of the sale proceeds.

In these circumstances, the taxpayer’s valuation should be accepted without further enquiry.

  • Where the property is a residential property, and the disposal is not at arms length, in all cases a valuation request should be sent to Specialist PT Shares and Assets Valuation, addressed to SAV Foreign Land, following the procedure at CG75820.