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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Capital Gains Manual: Shares and Securities: Valuation of shares and securities: Valuation of unquoted shares: Valuation of Unquoted Shares & Securities

Submission to Shares & Assets Valuation (SAV)

SAV is responsible for advising on the valuation of:-

  • UK unquoted shares
  • Foreign shares and foreign land
  • Goodwill, intangible assets and intellectual property
  • Other non land based assets, such as chattels


All submissions can be made by memo attached to an email to:-


Mailpoint, A (Specialist PT Shares and Assets Valuation)


Or to Shares & Assets Valuation (SAV) via the internal post: -


Shares and Assets Valuation

Ferrers House


Castle Meadow Road




Helpline telephone number: 0300 123 1082


When making a submission please ensure that you:


  • give an overview of the case to date, including the status, e.g. pre-enquiry
  • state the reason for the referral
  • provide any supporting valuation/papers.
  • identify the asset that needs a valuation.
  • state the date of the valuation.
  • though SAV will normally expect valuation requirements (number of shares, transaction dates, tax consequences etc.) to be identified by the referring office, cases may occasionally arise where a disposal or series of disposals is associated with a complex or unusual transaction. Where the commerciality or ultimate purpose of such a transaction is not immediately clear and where, as a consequence, it is difficult to be precise about valuation requirements, SAV may be able to assist by considering the transaction in advance of those requirements being reliably identified. Any referral to SAV should be made on the basis of the referring office’s own review of the facts inferred from the information available and the specific tax risks which may be associated with it. The aim in such cases will be to jointly identify, as far as possible, the underlying nature of the transaction and what enquiry and follow up action may be required.


Response time from SAV:


SAV will provide an initial reply within 10 working days to inform that either;


  1. the value may be accepted, or
  2. that further information is required and being obtained or
  3. that the case has been referred to a Valuer (name and telephone number to be supplied) for further consideration.