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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Builders, property dealers & developers: valuation: land outside the UK

Where the property is situated outside the United Kingdom, valuation advice in respect of residential property will be provided by Specialist PT Shares and Assets Valuation and, in respect of non-residential property, by the Land Portfolio Valuation Unit of the Valuation Office Agency.

Before a submission is made the taxpayer or agent should be asked to provide a valuation at the relevant date by a professionally qualified valuer. This should be forwarded with the submission, including a translation if necessary.

Requests for advice concerning the valuation of foreign properties, in memo form and including the details referred to at BIM51575 onwards, should be dealt with as follows:

  • residential property: addressed to Specialist PT Shares and Assets Valuation (Foreign). At the same time, a copy of the memo should be forwarded to CTISA (Technical).
  • non-residential property: addressed to CTISA (Technical) for onward transmission to the Land Portfolio Valuation Unit.

The description of the property should include:

  • the number and type of rooms;
  • the approximate floor area;
  • any additional facilities, for example, swimming pool, tennis court etc;
  • a photograph of the property if this is available;
  • the approximate area of any land owned and the use to which it is put;
  • brief details of the surrounding area and its amenities.

The summary of the taxpayer’s involvement with the property should detail how and when the property was acquired and, if by purchase, the purchase price.