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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Builders, property dealers & developers: valuation: not negotiated valuation: tax effect

On receipt of a not negotiated valuation from the District Valuer where there is current tax at stake on the basis of that valuation, you should write to the taxpayer enclosing a copy of the computation based on the District Valuer’s valuation and state that you would be prepared to agree the profit or loss on the basis of that valuation. You should:

  • point out that the valuation has been made on the basis of the information presently available to the District Valuer; and
  • invite agreement to the computation. If agreement is obtained, you can settle any enquiry or open an appeal accordingly.

You should only take this action where the District Valuer’s not negotiated valuation gives rise to a substantial adjustment (see BIM51570). Otherwise, the accounts figure should be accepted.