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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Land: valuation: ‘not negotiated’ valuation: VOA report

Returned valuation accepted

If the taxpayers valuation is acceptable to the Valuation Office Agency they will report to you agreeing the value ‘as returned’. If this is a post-transaction valuation check you should inform the taxpayer of the agreement without delay, In such a case any comments included with the valuation report that the valuation is based on limited information should not be passed to the taxpayer as the post-transaction valuation check process is designed to give the taxpayer a certainty over the valuation.

Returned valuation not accepted

On receipt of a ‘not negotiated’ valuation where the taxpayers valuation is not acceptable to the Valuation Office Agency you should compute the chargeable gain and write to the taxpayer enclosing a copy of the computation based on the Valuation Office Agency’s valuation. You should say that the valuation has been made on the basis of the information presently available to the Valuation Office Agency, pass on any specific assumptions drawn to your attention by VOA, and that you would be prepared to agree the chargeable gain on the basis of the valuation reported by the Valuation Office Agency.

You should invite agreement to the computation.

If agreement is obtained you can settle any open enquiry or appeal accordingly.