Oates v Revenue and Customs [2014] UKUT 409 (LC) – valuation of farmhouse for CGT purposes

The UK Lands Tribunal (England & Wales) agreed with the taxpayers that a greater proportion of the sale value should be allocated to the farmhouse rather than the adjoining land.  This was important to determine the amount on which main residence CGT relief was available.   

Interestingly the Tribunal criticised the guidance in the VOA (Valuation Office Agency) manual.

The full case report can be found here.

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