When calculating Capital Gains Tax (CGT), the value of a property at a historical date can be just as important as its current market worth. At Fallows, we specialise in historic and retrospective RICS valuations, including 1982 CGT base valuations, which remain the critical benchmark for many long-held assets.

Why 1982 Matters in CGT

For UK property owners, 31 March 1982 is a pivotal valuation date. Any property acquired before this date uses its 1982 market value as the acquisition cost for CGT purposes. Establishing this figure accurately is essential to avoid disputes with HMRC and ensure tax is calculated fairly.

Our Historic Data & Expertise

We maintain access to databases of 1982 property transactions and have built detailed archives of market commentary throughout the 1980s and 1990s. This means we can:

  • Benchmark against actual sales data from the relevant period
  • Account for local market differences in towns, villages, and rural areas
  • Provide supporting commentary drawn from historic farmland reports, planning records, and market notes
  • Give HMRC-compliant evidence that withstands scrutiny

Residential Historical Valuations

For houses, flats, and second homes, we provide retrospective valuations to establish the 1982 base value or other historic dates as required. Where possible, we cross-reference our valuations against archived sales evidence, ensuring your CGT return is fully substantiated.

Farmland & Agricultural Historical Valuations

Farmland presents its own challenges. Agricultural land values in the 1980s and 1990s varied widely depending on tenancies, milk quotas, planning potential, and local demand. At Fallows, we supplement transactional evidence with archived market commentary and first-hand experience to produce valuations that reflect the true conditions of the period.

Beyond 1982 – Other Historic Valuation Dates

While 1982 remains the key date for many, HMRC or your accountant may require valuations at other times; for example, at the date of a gift, inheritance, or change of use. We frequently undertake valuations across multiple historic dates to ensure your CGT reporting is accurate and defensible.

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Frequently Asked Questions About Capital Gains Tax Valuations

Find answers to the most common questions executors, solicitors, and families ask about probate valuations and the inheritance tax process.

What is a Capital Gains Tax valuation and when is it needed?

A Capital Gains Tax valuation is an assessment of a property’s market value to calculate tax owed when the asset is sold, transferred, or gifted. It’s often required when disposing of property, selling an inherited home, or transferring assets between connected parties.

What is a historical property valuation for Capital Gains Tax?

CGT is a tax calculated on how the price of an asset has increased since you came to own it. A historical property valuation determines the value of a property at a specific date in the past if there isn't clear evidence of a purchase price. The valuation is often the date of acquisition or a key tax reference date such as 31 March 1982 so that capital gains can be calculated accurately.

How far back can HMRC request a historical valuation?

HMRC can require historical valuations going back many years and as far as 1982 depending on the asset’s ownership history. This might include valuation dates decades in the past, especially for long-held family properties or agricultural land.

Can HMRC challenge my Capital Gains Tax valuation?

Yes, HMRC can and does challenge valuations. If there is a significant difference between your valuation and theirs, they may request further evidence or refer the case to the Valuation Office Agency. Using detailed, evidence-based reports reduces this risk.

What information is needed for a CGT or historical valuation?

A valuer will typically require the property address, photographs, floor plans, land area, planning history, and details of any significant improvements since the relevant valuation date. For historical dates, local market evidence from that time will be researched by the Valuer.

How are improvements accounted for in a CGT calculation?

The cost of qualifying capital improvements (such as extensions or conversions) can be deducted from the gain, so accurate records and receipts are important.

Can a CGT valuation reduce my tax bill?

Yes, if carried out accurately and supported by evidence, a valuation can ensure you only pay tax on the actual gain. Overstating the value at acquisition (or understating at disposal) could result in paying more than necessary.