If you own a property in addition to your main home and you sell that property making a profit on it then you will have to pay tax on the gain, known as Capital Gains Tax (CGT). This tax is calculated by working out the profit from when you bought it to when you sell it.
An accurate market value of the property is required to make sure that you are not charged higher or lower taxes than you should be liable for.
Calculating the amount of Capital Gains Tax you owe to the HMRC may involve obtaining a Retrospective Valuation of the property at a certain date in the past.
More information on Capital Gains Tax is available on the government website Capital Gains Tax – GOV.UK (www.gov.uk)
Non-UK Residents and Capital Gains Tax
From 5 April 2015, non-UK resident individuals became liable for non-resident Capital Gains Tax (NRCGT) on the disposal of residential properties situated in the UK.