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House estimate question.

(3 Posts)
whattodowiththepoo Thu 15-Sep-16 16:15:32

Hopefully this is the right place, I will keep this brief.
I'm looking to gift a house and my lawyer says it needs an updated estimate to calculate the tax.
It's just outside London and was bought before the house prices shot up, just checked house prices in my area and they go from £808,00 to over £7,000,000
Any chance house prices will drop any time soon? I would rather do it as simply as possible but the tax number is not small. So I might have to defer to my succession manager and see what he suggests.
Any other glaringly obvious ideas we might have missed?

HereIAm20 Thu 15-Sep-16 18:47:03

Get an actual valuation of your actual property and then you can go from there.

The CGT payable will be the difference between what you paid for it, purchase costs (eg stamp duty etc) and what its worth now.

Marmitelover55 Thu 15-Sep-16 19:37:06

What is a succession manager?

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