Given the speculation ranging pre-budget (see our blog ‘What are the odds…’) – from CGT and losing IHT relief on principal residencies, to wealth tax and more, there seems to be a general sigh of relief that it is just a loading of Council Tax on prime residences (in the form of a High Value Council Tax Surcharge, or HVCTS).
The tax burden (not until 2028, though) will range from £2,500 pa on properties worth between £2 – £2.5 million in bands to £7,500 on properties worth more than £5 million. The Valuation Office is being tasked with ‘conducting a targeted valuation exercise’, with revaluations every five years.
Disputing a District Valuer’s assessment will predictably be a whole different ball game to conventional rating appeals. With our unique data base of sales dating back for over 20 years (and our finger constantly on the pulse of sale values), we look forward to offering a valuation (and dispute resolution) service when the time comes.
In the meantime, we look forward to a market that – probably post Christmas festivities – has shed the recent sense of doom and uncertainty, and revert to a degree of normality………
