Land: valuation: Valuation Office Agency: multiple land valuation scheme
Where a person makes a substantial number of disposals in any accounting period or year of assessment the need to obtain valuations can impose a considerable burden of work on HMRC Offices and on the Valuation Office Agency. In suitable cases the Land Portfolio Valuation Unit of the Valuation Office Agency will take over the job of referring values for an accounting period or a year of assessment to the appropriate office of the Valuation Office Agency.
For taxpayers included in the scheme the Land Portfolio Valuation Unit will
- advise upon a selective or sample based approach and agree this with the taxpayers if required
- ask local Valuation Office Agency offices to review an appropriate proportion of the values returned to inform risks and provide a basis for wider agreement
- keep both you and the taxpayer fully informed of the progress of each case
- report to you when all valuations have been agreed and provide a list of the valuations where the returned value has been changed.
You will not need to complete any forms CG20 or monitor progress or keep your taxpayer informed.