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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Valuing businesses and partnerships: Business accounts

Accountants and taxpayers use business accounts to show the ongoing performance of the business and the income generated (or not) by it.

Inheritance Tax is concerned with value of assets so whilst the accounts will provide a starting figure, it is only that. You must then look at the values offered for the assets of the business to ensure that they adequately reflect their open market value.