Files and Forms: The Valuation Sub File - VAL27
Note how many shares are to be valued. The percentage of the issued capital or class of shares which the holding represents can be stated if wished.
Note also any related property for Capital Transfer Tax/lnheritance Tax purposes.
The agreed values should be filled in once each value has been settled. If it was agreed for example without prejudice or if Related Property is involved, the value should be qualified either below the figure or in the notes box.
Self Assessment Cases Box
There is space here to note the Assessment Year, the date the Enquiry Window closes, when the Enquiry was opened and the filing date for the return (if known). Also tick whether the valuation is informal, formal or a PTVC case.
Non SA Cases
This grid is for dates of assessments / appeals.
IHT Cases Box
This grid reminds valuers to consider whether values before and after transfer are required, whether any sums are due to or from the Estate, and whether BR or Instalments are due.
PCU Information Box
This serves as a check list for support staff when a valuation report is initially received in SAV.
Customer Updates Box
The grid should be used to indicate the date on which Progress updates were sent to the IHT Group or Inspector. The first notification should be no later than 3 months from the date of the valuation request. After this updates should be sent at maximum intervals of three months.
Manager’s Review Box
This grid lists the date on which this valuation should next be seen by your manager. All cases still open 12 months after receipt in SAV are to be reviewed by the valuer’s manager. All open cases will be reviewed by the appropriate Grade 7 at 18 months and sent to the Litigation and Technical Advice Team (LTAT).
The grid is a reminder to valuers to check whether any useful information for example on a particular industry, or a company sale has been received on the file, before the file is closed down and sent to store.
Any notations made on a letter should always be in pencil, not ink, in case the correspondence has later to be produced in evidence.
Any permanent notes should be typed up and stored in the paper file and electronic folder - see SVM102085.
Formal notations should always be retained on the file and in the electronic folder for future reference.
|Additional Guidance: SVM150000|