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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Land: valuation: Valuation Office Agency: no need to refer to

If you receive a Capital Gains Tax computation which includes a valuation of land or of any interest in land you must refer that valuation to the Valuation Office Agency to be checked unless it is in one of the following categories.

  • Valuations which have already been ascertained for probate, see CG16251.
  • Any hypothetical valuation, for example where you are asked to consider a land valuation obtained to work out the tax effect of a transaction which has not yet been carried out. SUCH VALUATIONS SHOULD NOT BE REFERRED TO THE VALUATION OFFICE AGENCY AND YOU SHOULD NOT OFFER ANY COMMENT.
  • A request for a valuation under the Non-Statutory Business Clearance process as asset valuations are specifically not covered by this process, see NBCG2350.
  • A request for a valuation under COP10 where the asset valuation does not involve the interpretation of tax law or its application, see Appendix 2 of COP10. For guidance on post transaction valuations requests using form CG34 see CG16600+.
  • Any valuation which falls within the multiple land valuation scheme, see CG74080 - CG74082.
  • Any valuation which falls within the limits of CG74102.
  • Any valuation in some cases in which a claim is made under TCGA92/S165 or TCGA92/S260 to hold over the gain, see CG67130+.

You may also agree certain apportionments of consideration given or received on the acquisition or disposal of assets which include land, see CG74150.