Recording UK House Prices before a move

[MTut]

So, I'm aware that the Aus taxation department would only be interested in gains made on my uk property,  based on profit made between arrival in Australia and sell date.

I have 3 properties in the Uk. Of these, I'm intending to keep my main residence as a long term rental (in case I come back) but will sell the two rental properties, one in the next tax year and one at mortgage renewal in 2 years time.

To get a date of departure valuation for these, is an estate agent valuation sufficient proof for when I come to sell? Or does it have to be a specifically registered person? After all, house value is always a bit arbituary  anyway.

Has anyone ever had to prove this with the Australian taxation office?

 

[desreb]

I looked into this a while ago. I think I basically had a quick email from our estate agent at a moment in time, but I vaguely remember reading somewhere that for certain purposes, a formal assessment from a surveyor (as you would for a mortgage) was necessary. I think that might have been for assessing tax gain/loss in the UK for HMRC with the new non-residents capital gains thresholds when the legislation kicked in, in... 2014?

Unsure - but a surveyor report would be unquestionable, I assume.

[Wonderingaloud]

Not entirely along the same lines but we sold our uk property last year from here in Australia. For assessing tax loss/gains we needed a valuation report as close as possible to the time before the sale, irrespective of the value of the house when we purchased it. Thankfully we had this done and had the supporting paperwork, though this was for the tax agent who submitted our return and not the tax office themselves. Everything was fine. We didn’t use a surveyor an estate agent was fine, we had 2 or 3 done by different companies I recall for an average.

[Alan Collett]

Remember also:

>  The possible need to obtain a valuation of a UK residential property as at 6th April 2015, as the disposal by non UK residents of a UK residential property is now within the scope of the charge to UK capital gains tax with reference to the value of the property at that date.

>   The need to submit a Non Resident CGT return to HM Revenue within 30 days of the sale completing.

Best regards.