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HMRC internal manual

Capital Gains Manual

Land: valuation: land outside United Kingdom: submission

In all cases where a valuation is required in accordance with the guidance at CG75810, the taxpayer or agent should be asked to provide a valuation at the relevant date, prepared by a professionally qualified valuer.

When such a valuation has been obtained, or if the taxpayer is unable or unwilling to provide such a valuation, the case should be submitted to either the Valuation Office Agency at the Land Portfolio Valuation Unit or SAV Foreign Land as appropriate, along with a report setting out the following details.

  • The address and a full description of the property including the area of land owned.
  • The reason why a valuation is required, for example a 31 March 1982 valuation for rebasing purposes.
  • The dates of acquisition and disposal of the property.
  • The disposal proceeds and the allowable expenditure.
  • Whether the disposal was by way of a bargain at arms length.
  • The taxpayer’s interest in the property, for example whether it was a freehold or leasehold interest. If the taxpayer held the property under a lease, a copy of the lease should be provided.
  • Details of any tenancy to which the property was subject at the valuation date, for example the rent payable and the duration of the lease.
  • The valuation put forward by the taxpayer along with a copy of any professional valuer’s report which has been obtained.
  • A computation of the gain or loss arising on the disposal using the valuation put forward by the taxpayer.

Any other relevant information or documents which are provided by the taxpayer should accompany the valuation request.