Inheritance Tax Manual

Appendix 15: form VO 1140 - prior agreement form

The Valuation Office Agency's (VOA) technical manual relating to Inheritance Tax.

All Material Amended

Dear *

inheritance tax

name of deceased:

property to be valued:

Thank you for your letter of *.

To help you send your account to Her Majesty’s Revenue & Customs (Inheritance Tax) as soon as possible I can discuss with you the value of the property for Inheritance Tax purposes. Any discussions are however subject to the conditions set out on the attached schedule.

To assist me would you please answer the following questions by ticking the appropriate column.

  Yes No
   
a. Will the cumulative total of the deceased’s property (including any lifetime chargeable transfers) exceed the tax threshold?  
   
b. Is it intended to put the property on the market for sale?  
   
c. Have you approached any other District Valuer to discuss the value of other property in his  
   
If YES, please give address of District Valuer  
   
   
   
   
d. Has the property been left to a surviving spouse or civil partner? ____ ____

I will write to you again as soon as the necessary valuations have been made.

Yours faithfully

  • District Valuer

CONDITIONS

  1. The value may only be discussed informally in the event of Inheritance Tax arising from death.

  2. The persons liable for Inheritance Tax will supply complete and correct particulars to the Valuation Office Agency.

  3. Negotiations will not relieve the persons liable for Inheritance Tax of their statutory obligation to deliver the Inheritance Tax accounts to the appropriate HMRC (Inheritance Tax) at the proper time, whether the values are informally agreed by that date or not.

  4. Negotiations are entirely informal and do not in any way constitute the delivery of the appropriate accounts.

  5. All valuations are provisional and subject to review in the event of any further facts becoming known, e.g., a sale subsequent to the death which might influence the opinion of the Valuation Office Agency.

  6. The values cannot be informally discussed of those items for which it is intended to claim relief for agricultural property or woodlands under the provisions of Section 116 and 125 Inheritance Tax Act 1984.

  7. The values cannot be informally discussed of any items which fall to be valued under the “related property” provisions of Section 161 Inheritance Act 1984.

  8. In certain other circumstances it may not be possible to discuss values informally, but if so you will be advised accordingly.