Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Shares and Assets Valuation Manual

From
HM Revenue & Customs
Updated
, see all updates

Files and Forms: File Management

The SAV file may contain a lot of information about:

  • the company
  • several taxpayers
  • a number of different taxes

A great deal of experience, and thought, has been put into the design of the files to provide for the recording and retention of essential information of use to the valuer, who, must ensure that all new information is correctly filed and noted up.

Why is this important?

  • If a file needs to be reallocated, good file management reduces comprehension time.
  • The file may also be referred to at any time by the support staff.
  • If a case is reviewed by a team leader / developer, their review is assisted by good file management.
  • The SAV sub-file operates as an aide-memoire or check list on certain aspects of the valuation procedure.

Consider what a manager or colleague wants to know.

  • What does the company do - and where does it operate?
  • What is the issued capital?
  • What rights attach to each class of share?
  • How many shares are being valued and for what purpose?
  • Have any Inheritance Tax implications been considered?
  • What matters have been agreed?
  • What points remain to be resolved?
  • How much tax is involved?

Much of this information will be shown on the sub-file covers if these have been properly noted up. If the file has been well managed, a clear picture should emerge in a couple of minutes.

Weeding

The following must be extracted from files and disposed of appropriately, bearing in mind data security requirements:

  • All accounts over six years old, apart from those between 1979 and 1982
  • All subfiles over six years old, apart from those relating to 31 March 1982 valuations
  • All Articles of Association, except the latest ones
  • All microfiches.  Any paper attachments referring to SAV/HMRC should be disposed of separately as confidential material

Any file that, if weeded, would then be empty should be sent to the Business Support Team (BST) for destruction.

 

  Additional Guidance: SVM150000