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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Land: valuation: introduction: valuations must be referred to Valuation Office Agency

The guidance at CG74100 - CG74105 explains the circumstances in which you can accept small land valuations without reference to the Valuation Office Agency.

ALL VALUATIONS OF LAND IN THE UNITED KINGDOM FOR CAPITAL GAINS TAX MUST BE REFERRED TO THE VALUATION OFFICE AGENCY UNLESS THEY FALL WITHIN THE EXCEPTIONS LISTED AT CG74050 OR CG74102.

It is important that we deal with taxpayers fairly and consistently. If the guidance is ignored and valuations are not referred to the Valuation Office Agency you give grounds for complaint to any other taxpayer with a similar valuation which has been referred. Similarly, if you take it upon yourself to depart from the Valuation Office Agency’s valuation, even on a without prejudice basis, you encourage the idea that agreement need not be reached with the Valuation Office Agency because a better agreement can be obtained from the HMRC Officer.

In all of these cases the work of the Department is made more difficult. Agreement is made less likely if the guidance is not consistently followed.