Assets: checking valuations: professional assistance
The valuation of assets can be a complex matter requiring professional qualifications. Agreement to an incorrect valuation may cause difficulties not only in the case you are dealing with but also in other similar cases. It is important if we are to fulfil our obligations under the Charter that all customers are dealt with consistently.
For these reasons HMRC employs professional valuers to check valuations on our behalf. Where the guidance requires you to refer valuations, for example to Shares and Assets Valuation or the Valuation Office Agency, for advice, you must do so.
When you have referred a valuation in accordance with the guidance, for example to the Valuation Office Agency or to Shares and Assets Valuation, and been advised of an appropriate valuation, you must rely on it in any dealings with the customer. Do not try to negotiate away valuation differences between a customer and our professional valuers. Professional advice is to be relied upon. To do otherwise is to compromise the standing of that advice and to make it harder for the adviser to reach agreement in other cases.
It may be necessary to check the sterling value of an asset for the purposes of chargeable gains. HMRC staff may obtain particulars of day to day exchange rates from Shares and Assets Valuation (Foreign), Nottingham (telephone 0115 974 2245). Due to copyright restrictions this service is only available to HMRC staff.