ABSTRACT
This chapter aims to examine the valuation of property for taxation purposes and value for various national and local taxes. It explains the case law interpretation of the definitions and outlines the appeals system on valuations for taxation. The capital taxes, business rates and council tax all require valuations to be carried out from time to time. The field of valuation for taxation is somewhat broken into sub-fields of specialised work. Case law and mandatory or discretionary professional valuation practices and standards need to be taken into account. Although the valuation and appraisal standards apply to valuations for company reports and financial statements, generally, they include guidance which may be helpful for valuations for taxation. As in all valuations, the date of valuation, ie the date of the event for which the property is to be valued, is specified in the relevant statute.
