Valuation

Question 1

What is the definition of market value for taxation purposes?

Answer 1

s.160 ITA 1984
The price which the property might reasonably be expected to fetch if sold on the open market at that time….

Question 2

What is included within terms of business?

Answer 2

Valuer and address
Client and address
Property
Valuation date
Purpose of valuation
Valuation currency
Basis of value
Assumptions and special assumptions
Fee
Complaints handling procedure
PII

Question 3

What is Marriage Value?

Answer 3

The increased value of a property, when combined with an adjoining asset

Question 4

What is the definition of market rent?

Answer 4

The estimated amount at which an interest in real property should be leased on the valuation date between a willing lessor and willing lessee, on appropriate lease terms, in an arms length transaction, after proper marketing and where the parties had each acted knowledgable, prudently and without compulsion.

Question 5

When is a RICS red book valuation not required?

Answer 5

Internal purposes (explicitly not relied upon)
Estate agency purposes such as selling a property
Acting as an expert witness