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Posted Mon, 20 Nov 2023 11:36:08 GMT by
Hi, I plan to submit form TR1 to transfer full title of a property as a gift. I have a few questions before doing this. 1) When is classed as the date of disposal - must I wait for confirmation from land registry that the title is transferred, and use this date? 2) Once the date of disposal is confirmed, should I then obtain a Post transaction valuation check for Capital Gains (CG34)? 3) Is it suitable to use a valuation for a property that was sold a year ago (same estate, number of bedrooms etc. basically a carbon copy of the property being disposed of) Thanks in advance.
Posted Wed, 22 Nov 2023 16:17:40 GMT by HMRC Admin 20 Response
Hi James,
The date of disposal is the date of completion and not the date of exchange of contracts, which will be before any confirmation from land registry.  
CG34 is an optional, free post transaction valuation service, which you may use to validate the value of the property used for capital gains tax and inheritance tax purposes.  
(CG34 — Post-transaction valuation checks for capital gains).  
How you arrive at the value is up to you, but you could not use a 1 year old valuation.  
The valuation would need to be based on the property at the time of disposal.
Thank you.

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