I am an overseas owner of a UK residential property. Who should I get to value it?

Here are extracts from the HMRC guidance manual;
 

Valuations In respect of land and buildings, valuations are the biggest single area of risk, accounting for a large part of our compliance checks. This is particularly so where the valuation is not referred to a qualified independent valuer and it is important to make sure the valuation is made for the purposes of relevant legislation and meets Royal Institution of Chartered Surveyors or equivalent standards in appropriate cases. Issues that are sometimes overlooked when instructions are given to a valuer include: · the potential for development of land · the existence of tenancies 2013-14 5 · the inclusion of intangible or other assets.

Where we are satisfied that all the relevant information has been fully considered by an independent valuer, the valuation is less likely to be challenged.

Where a valuation is necessary, has the asset disposed of been valued by a properly instructed, qualified independent valuer? Risk Valuation of land and buildings is an area of high risk. This is particularly so where the valuation is not referred to a qualified, independent valuer. However, it is not sufficient simply to refer a valuation to a valuer. In the absence of proper instructions the valuer will not understand the context nor have all the necessary details on which to make a proper valuation. For land and buildings, areas that are frequently overlooked include: · tenancies · development potential (even where this has not been pursued) · inclusion of other assets in the transaction, such as goodwill or farm machinery. Mitigation Valuations are not a precise science and lengthy correspondence may be avoided if it is demonstrated that all the relevant factors have been taken into consideration. It is important to: · engage an independent valuer qualified to Royal Institution of Chartered Surveyors or equivalent standards · explain the context, for example, a valuation for the purposes of rebasing to 31 March 1982 (S35 Taxation of Chargeable Gains Act 1992 ) · draw attention to the definition of market value for Capital Gains Tax purposes 2013-14 13 · provide all relevant details concerning the asset, in particular any points mentioned in the bullets points under Risk.