Jurisdiction(s):
United Kingdom

Key definition

Valuation definition

What does Valuation mean? Valuation is the assessment, at a given point in time, of the sum due to a contractor for construction work performed and related entitlements under the contract. It is a descriptive term used across construction law and standard forms; it is not defined by statute. The governing payment legislation (England & Wales and Scotland: Housing Grants, Construction and Regeneration Act 1996, as amended; Northern Ireland: Construction Contracts (NI) Order 1997; Ireland: Construction Contracts Act 2013) regulates payment cycles and notices, but the contract sets the valuation rules. Typically, valuation covers measured work against the bill of quantities or schedule of rates,...

UK CGT Valuations: Market Value, Connected Persons, Asset-Specific Methods, Death/IHT Interaction, Joint Interests, Prudent Lotting, and HMRC CG34 Agreements

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Practice notes

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A charge to Capital gains tax (CGT) arises when a chargeable person makes a chargeable disposal of a chargeable asset. A chargeable person includes an individual, the personal representatives (PRs) of a deceased person, and trustees of a settlement, each subject to residence conditions. Companies are legal persons too and, for disposals before 6 April 2019, could fall within CGT. For general information on CGT, see Practice Notes: Introductory guide to CGT and CGT—basic principles for trusts.

The term ‘disposal’ is not defined, but typically covers a sale, an exchange or a gift of an asset. It also encompasses a part disposal, the settlement of an asset on trust, and the disposal of a beneficial interest in an asset already held on trust.

The need to value an asset

To calculate the CGT charge, both the acquisition value and the disposal value of the chargeable asset are needed. The Gain is determined by subtracting the base cost (comprising the acquisition value plus any allowable expenditure) from the disposal value, after taking into account any exemptions and reliefs...

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Web page updated on 22/05/2026

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