Reconsideration by HMRC: agreements
An agreement may be either
- a specific statement by this office that a value has been accepted, or
- the acceptance by the taxpayers of a value put forward by HMRC - e.g. a Valuation Office Agency (VOA) (IHTM23002) increase notified to the taxpayers and accepted by them.
You must regard an agreement on the value of the property as a bar to seeking to reopen the valuation to establish a higher value unless new material information (IHTM30441) is received. In certain circumstances this can include sales (IHTM30445).
The operative date for considering whether there is a bar to reopening is the date of acceptance, whether by this office or by the taxpayers - the date of assessment or payment of any additional tax consequential on the agreed value is immaterial.