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HMRC internal manual

Capital Gains Manual

Valuation of shares and securities

Guidance on valuation generally can be found at CG16200+.

Guidance on the valuation of the land can be found at CG74000+.

This guidance deals with two topics.

  • The definition of market value.
  • The procedure for checking market value.

Quoted shares

The market value of quoted shares and securities is based upon a formula which uses stock exchange prices. You can usually accept the market value provided for quoted shares and securities. If it is necessary to check a value you can either use Interactive Data (formerly Extel), Shares and Assets Valuation (SAV) subscribe to the service. For detailed guidance see CG59510+.

Unquoted shares

The market value of unquoted shares and securities relies on the ordinary rules of TCGA92/S272 (1), see CG16330+. SAV ARE RESPONSIBLE FOR ALL VALUATIONS OF UNQUOTED SHARES. For detailed guidance see CG59540+.

See CG50260-CG50281 and CG50278 for guidance on how to identify whether shares are quoted or unquoted.