What is the date of valuation?
A. The date of valuation is 6th April in the first year of assessment or the date on which the taxpayer first becomes liable to pay the income tax charge. The income tax charge for land and chattels is based on that value for the first and the following four years of assessment. A new valuation is required after the first five years of assessment. For example, a taxpayer liable to the income tax charge for all of 2005-06 would value the property at 6th April 2005, 6th April 2010 and every five years after that for as long as they continue to benefit from the pre-owned asset. A taxpayer who becomes liable to the charge on 6th October 2007, would value the property at 6th October 2007, 6th April 2011 and every five years after that. This 5 year valuation rule only applies to land and chattels, and all other property (intangibles) will require a revaluation each year. If you move during the course of the five years then the substituted property is valued for the purposes of calculating th
