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HMRC internal manual

Capital Gains Manual

Valuation: more than one interested person: when do Regulations apply?

There are circumstances in which the regulations cannot be applied. For example, if an asset is transferred from X to a connected person Y, a valuation is put forward which gives rise to a capital loss and any alternative valuation also gives rise to a capital loss. There may be no gain arising on any other transfer between the same connected persons and so the value will not be a material question in an appeal. If neither X nor Y makes an application under paragraph 9 you will not be able to litigate the valuation dispute.