CGT on Disposal of Investment Property bought BMV

I bought an investment property from a distant family member in 2008 at £200k, which was approx. £100k below market value at the time. Because this family member sold it to me BMV, I was able to complete the purchase with the means I had available at the time. I am now considering the disposal of this property and wondered if you could confirm that the basis for the CGT calcs would be the actual market value at the time of purchase in 2008, i.e. £300k and not the £200k I paid for it. Is an Estate Agent valuation sufficient to confirm the actual property value at the time of purchase? Thank you!

Hi ABe23,
Yes, given that the property was purchased for a price below market value, you should use the actual market value at the time of acquisition when calculating the capital gain or loss.
A retrospective Estate Agent valuation would be acceptable.  
Tax when you sell property
Thank you.