Goodwill and Intellectual Property Rights: information to be supplied to Shares and Assets Valuation
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
A request for a valuation from Shares and Assets Valuation (SAV) under CG68300 should include:
- a full summary of all relevant facts including a full description of the business,
- accounts for the three years before the valuation date. If necessary you should obtain copies from the accountant or taxpayer. If accounts cannot be supplied you should make this clear when requesting a valuation,
- copies of all relevant sale and/or licensing agreements.
You will need to consider the following questions and, if appropriate, include the relevant details:
- Is there an open enquiry into a return, an amendment of a return, or a claim or election or, alternatively, has an assessment been issued and, if so, is there an appeal?
- What figure of gain is shown in the return or computation and how much tax is likely to be due?
- Have any claims for relief been made which are affected by the valuation, for example, roll-over relief (TCGA92/S152-TCGA92/S158) or gifts hold-over relief (TCGA92/S165)?
- Are losses available to set against any chargeable gain under TCGA92/S16 and, if so, what is the amount by which the gain will be reduced?
- Have any necessary elections, e.g. TCGA92/S35 (5), or claims, e.g. negligible value claim TCGA92/S24, been made?
- If the return or computation shows a loss can any of it be used now and, if so, how much?
- Does the case involve a part-disposal of goodwill? see CG68050.
- Do other specialists need to be consulted to see if there is an income tax charge?