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HMRC internal manual

Business Income Manual

Builders, property dealers & developers: valuation: not negotiated valuation

For cases falling within BIM51570, you should ask the District Valuer initially for a ‘not negotiated’ valuation. This should be done by memo. Do not use Form CG20, which is reserved for capital gains matters. The memo should include the following:

  • A full description of the property to be valued.
  • The date at which the valuation is required.
  • The reason(s) why a valuation is necessary.
  • Details of the taxpayer’s interest in the property. For example, freehold or leasehold. If the taxpayer held the property under a lease, a copy of the lease should be provided.
  • Details of any tenancy to which the property was subject at the valuation date. For example, the rent payable and the duration of the lease.
  • A summary of the taxpayer’s involvement with the property.
  • A copy of the taxpayer’s valuation, including any valuer’s report.
  • Any other relevant information or documents provided by the taxpayer.

It is essential that you obtain and furnish the District Valuer with a plan identifying the asset in cases where the valuation refers to:

  • undeveloped land, or
  • partially completed developments - in this instance also include details of the state of works at the valuation date.

If multiple property valuations are involved, see BIM51605.