Valuation of Land for Capital Gains Tax

J

JohnKelly

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Hi. My father is thinking of selling a piece of farmland which he inherited in the mid 1970s. In order to calculate the capital gains tax, it will be necessary to get the market value of the land at the date of acquisition (1976/77). Would retrospective valuation by a local auctioneer/valuer be necessary for this purpose? Or is there somewhere else he can get this value from (eg: legal documents relating to the transfer)? Thanks.
 
it would have been valued for inheritance/capital aquisitions tax at the time he got it into his name. use that value as a base and talk to some tax advisor
 
Ravima said:
it would have been valued for inheritance/capital aquisitions tax at the time he got it into his name. use that value as a base and talk to some tax advisor
Click to expand...

Possibly wishful thinking there, and it might be as quick and cheap to just pay for a valuation!

How much land, where and what date? PM me and I will give you a value that will be acceptable to Revenue.;)
 
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