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HMRC internal manual

Employment Income Manual

Employment income: transfer of real property to employees: consulting the Valuation Office Agency

In a case where property is transferred to a director or employee (see EIM08001) the request to the Valuation Office Agency (VOA) should:

  • identify the land to be valued
  • state that the request is for an informal valuation for the purposes of a potential income tax liability on employment income
  • specify the date at which the valuation is required
  • name the employer and director or employee concerned
  • specify the precise interest to be valued, for example “freehold interest subject to rights of occupation by …”
  • give details (if known) of the date of purchase of the land by the employer and its original cost price to him
  • attach a copy of any tenancy agreement or licence to occupy in force immediately prior to the sale to the director or employee and
  • state the consideration paid (if any) by the director or employee to the employer.

See EIM08003 for what to do when the VOA’s report is received.