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HMRC internal manual

Inheritance Tax Manual

Ascertained values: when is a value `ascertained`?

A value is ‘ascertained’ when

  • the taxpayer and HMRC expressly agree a figure – so if the Valuation Office Agency (VOA) (IHTM23002) provides an agreed report (IHTM23147), the value of the property is ‘ascertained’
  • we accept a value implicitly by accepting the tax on the value offered by the taxpayer: for example where the VOA provides an ‘as returned’ (IHTM23144) report, or we collect the tax on a valuable chattel without expressly agreeing the value, or
  • the taxpayer claims loss on sale of land relief (IHTM33001), when the substituted value becomes the ascertained value.