Capital Gains and other taxes manual

Appendix 16: letter from HMIT to enquiries for inclusion in 1982 portfolio valuation scheme

The Valuation Office Agency's (VOA) technical manual used to assess Capital Gains and other taxes.

Corporation tax self assessment: capital gains

Valuation of large land portfolios at 31 March 1982

Thank you for your letter/telephone call/enquiry of [insert date]

The Chancellor of the Exchequer announced in his Budget Statement that from Budget Day certain companies with large property holdings can ask the Inland Revenue to agree the value of land and buildings owned on 31 March 1982. This new service will help those companies complete future Corporation Tax Self Assessment Returns as and when those properties are disposed of.

For a trial period companies and groups of companies holding a property portfolio which includes either

30 or more properties held since 31 March 1982, or

if fewer, properties held since 31 March 1982 with a current aggregate value greater

than £30 million

will be able to ask the Inland Revenue to agree the value of land and buildings owned

on 31 March 1982.

If you wish to use this new service you must provide values for all properties in the company or group portfolio which have been held since 31 March 1982. And all values put forward for checking will have to be supported by appropriate professional valuations.

You should send your application to the Inland Revenue office to which the company’s Corporation Tax Return is submitted (for a group the application should be sent to the Inland Revenue office to which the principal company’s Corporation Tax Return is submitted), together with the information and particulars outlined on the attached note.

In addition to the essential information required, please try to include as much supporting information as possible as this will enable the application to be dealt with more quickly.

On receipt of your application it will be reviewed and provided everything is in order it will be acknowledged and forwarded to the Valuation Office Agency to begin the checking. You may therefore be contacted directly by the Valuation Office Agency regarding the valuations.

Yours faithfully/sincerely