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Incorrect Value on deeds, CGT implications

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  • Incorrect Value on deeds, CGT implications

    Hello, I was gifted a property in December 2016 from my grandfather. Due to his worsening health, I am needing to sell the house for a ground floor flat/maisonette which he can live in more comfortably.
    The House is currently worth upwards of £200k, when viewing the title deeds from Dec 16 it is showing the property value at £85-£100k which is inaccurate, as this would have been closer to £150k at the time.
    My concern is the Capital Gains Tax implications on the basis of the incorrect value on the deeds.
    Is this something that can be corrected with the Land Registry?
    Tags: None

  • #2
    Where does the deed of gift mention a value?

    Comment


    • #3
      I believe that you will have to show the value at the time the property was gifted to you. Presumably the transfer was made at the Land Registry in 2o16 and a local chartered surveyor should be able to give you a value that the property would be worth at that time if the Deed of Gift does not mention an actual value. Capital Gains tax was always going to be an issue when you dispose of the property.

      Comment


      • #4
        Thank you SAM101, I really appreciate your help.

        Comment


        • #5
          DSLIPPY it says it on the Official Copy of Register of Title under Section B Propiertorship register continued?

          Comment

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