Which Valuation Report Do You Need?
Answer one or two questions and find out which report your situation actually needs, before you spend anything.
Why this question comes up so often
People are usually told they need "a valuation" by their accountant, their bank or a government office, and nobody explains that there are several different kinds.
Getting the wrong one wastes money and time. The most common mix up is between a valuation for tax on a sale, which uses market value, and a valuation for your tax return under Schedule AL, which uses what you paid. They are opposites, and people get them the wrong way round regularly.
The main ones, very briefly
- Selling something bought before April 2001. You want the 1 April 2001 value. This usually saves the most tax of anything on this page. More
- A bank loan. The bank's own format, with market value and forced sale value. More
- A visa file. A current value certificate, usually alongside a net worth certificate from an accountant. More
- A court or family matter. A valuation that can survive being questioned. More
- Your tax return, above fifty lakh income. Cost figures, not market value. More
- Insurance. Rebuilding cost, which is not the same as sale price. More