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HMRC internal manual

Capital Allowances Manual

HM Revenue & Customs
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MEA: Qualifying expenditure: Valuation: land outside the UK

Where a valuation is needed of land outside of the UK for CAA01/S404 purposes, ask the taxpayer to provide a valuation by a professional valuer. This can normally be accepted. In important cases it is appropriate to obtain a copy of the terms of reference to the professional valuer to ensure that the statutory requirements including those in CAA01/S404 (3) are met. Refer any cases of doubt to Energy Group (Oil Taxation Office).