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HMRC internal manual

Inheritance Tax Manual

Special valuation matters: minerals

All cases involving the valuation of minerals should initially be referred to Glen Hall, Mineral Valuer HMRC Team at MV – North (Leeds), 2nd Floor, 42 Eastgate, Leeds, LS2 7LE. All referrals in relation to minerals should be on form VOA 2 (IHTM23043) with a covering memorandum.

You should take particular care where the property liable to tax includes quarries, sand and gravel pits, etc, and the extraction of the stone, sand and gravel, etc, is being carried on by a company or business in which the transferor/deceased was interested. It is important that

  • a note of any agreement or lease governing the extraction of minerals is made on the file or Val 70 prior to the reference to the VOA (IHTM23002), or
  • all available information is given in the reference for the benefit of the VOA

If additionally, a reference is made in connection with the company or business, you should provide the VOA with

  • full particulars of any agreement governing the extraction of minerals
  • copies of the accounts, and
  • the date of the first reference

You should remember that the VOA normally values mineral undertakings on an all-in basis (which means including plant, machinery, goodwill, etc.)

As information often comes to the office piece meal, it may be impossible to give all information on the first reference. In these cases, if further information comes to hand it should be sent on to the VOA.

Similar cases in Northern Ireland should be referred to the VLA (IHTM23002) via a Compliance Group Manager in IHT Belfast.