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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Valuation of assets: unascertained values: other assets

Where you are told that the value was not ascertained

  • inform the taxpayer or agent. You should explain that in these circumstances the figure returned for probate has no binding effect for capital gains purposes and it is necessary to now consider the valuation using the principles and procedures applying to Capital Gains Tax cases
  • if the asset is one of the categories where Shares and Assets Valuation or Specialist PT - IHT - Heritage Section will assist with valuation, that is, goodwill, see CG68000+ or one of the categories of assets listed in CG77002 - CG77004, you should ask the appropriate Shares and Assets Valuation or Specialist PT - IHT - Heritage Section to negotiate a valuation
  • if the disposal is by a legatee and his or her interest is less than the interest acquired by the personal representatives (or may be but you do not have full information) this point should be brought to the attention of the Shares and Assets Valuation or Specialist PT - IHT - Heritage Section in an accompanying memo. They should be requested to provide the value for the full interest acquired by the personal representatives (and details of the size of that interest if you do not have that latter information)
  • if the asset is one for which the Inspector has responsibility for negotiating values, for example, plant and machinery other than fixed plant and machinery (see CG77001), you should commence negotiations on the valuation with the personal representatives, the legatees or their agents as appropriate. When Specialist PT - IHT has papers you should ask whether the papers contain any information relevant to such valuation, for example accounts.