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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Reconsideration by taxpayers: changed circumstances

The offer to pay tax on a higher value may reflect a correction to

  • the nature or character of the property or interest to be valued so that in effect we now have to value different property, or
  • other information on which the original valuation was based.This may be because the taxpayers have received further information to the effect that, for example

  • property previously valued subject to a statutory tenancy should be valued with vacant possession
  • property is freehold (IHTM23001), not leasehold as previously thought, or
  • the extent of the deceased’s share or interest is greater than originally disclosed.Refer the case to your manager if it seems that

  • the property to be valued may have to be redefined, or
  • the original valuation was based on wrong or misleading information.In other cases you are free to consider whether to accept offers of tax on a higher value, e.g. on a sale of the property in question.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000) (This content has been withheld because of exemptions in the Freedom of Information Act 2000) (This content has been withheld because of exemptions in the Freedom of Information Act 2000)