Valuations for capital gains tax purposes-advice please

[SunnyUpNorth]

Hi,
We are going to be renting out our flat soon and I have heard that should we sell it in the future we would only have to pay CGT on the increase in value from the date we move out/rent it out.

Is it necessary to have 3 valuations? Also can you just get 3 local agents around and ask them to put their estimate in writing or does it need to be carried out by a surveyor etc? Thanks.

Well, what you have heard is wrong, so you won't be needing a valuation!

And you also have an exempt amount allowed each year for CGT, currently £10,600 so you would pay tax on £19,400 using bran's example and assuming you have no other capital gains during the year.

this was a recent thread which discusses the valuation point.

Given that you may at some point need to argue the toss with HMRC it can only be sensible to get the valuations in writing.

Thanks for the replies.

I had seen that other thread and that getting valuations at the point of letting was mentioned hence why I was seeking clarification of the format the valuations should be in. If it is unlikely to be useful then may of be worth getting. Thanks anyway.

I think it would certainly be worthwhile getting a few local estate agents round and getting the figures in writing, then filing away with other paperwork.
If you don't ever need them then no harm done, and if you do then you have them.