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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7302
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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How do I value a part of my plot that has been developed for

Customer Question

How do I value a part of my plot that has been developed for capital gains
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
I converted a derelict barn on a plot with the same title deed
Customer: replied 1 year ago.
The property was bought in 1997, barn converted in 2003
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question..

Do you have valuation of property/land when you purchased it?

If you bought a derelict barn then the land price is likely to be a high percentage of total cost paid

Many thanks

Customer: replied 1 year ago.
The plot including house and barn was worth £105000, the land that is now the barn plot is about one fifth of the complete plot
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your reply..

The plot covering the house is about four fifth of the complete plot. I would be tempted to say the value of land when bought is around £60k-£65k on the basis the barn was derelict and the building was not worth much but the plot had planning potential.

Here is a link to a site that gives indicative values of land.

http://www.uklanddirectory.org.uk/self-build-plot-prices.asp

The alternative is to contact Valuation Office Agency

https://www.gov.uk/government/organisations/valuation-office-agency

I hope this is helpful and answers your question.

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