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.