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HMRC internal manual

Shares and Assets Valuation Manual

Self Assessment - Post Transaction Valuation Checks (PTVCs) for CGT

To assist taxpayers in completing their SA tax returns, taxpayers may submit any proposed CG valuations to their HMRC office for “checking” before they submit their tax return.

HMRC offices may refer these valuations to SAV in accordance with existing instructions. This procedure means that in some cases valuations can be accepted or agreed without the need for a formal ‘enquiry’ into the return. This service was introduced with effect from 1 April 1997.

Taxpayers request a valuation check by submitting a completed form CG34 to the address shown on the form - not directly to SAV. The scheme applies to all types of asset (for example UK land), not just those handled by SAV.

As the service is intended to assist with the preparation of the SA return, it excludes valuations needed for the computation of a capital loss if that capital loss is not to be included on the SA return.

Main Terms and Conditions

Dos Don’ts
We only check valuations provided by the taxpayer We do not provide valuations on demand
We only check valuations after the disposal has taken place We do not provide pre-transaction valuations
We normally only check valuations if all the information and documents on form CG34 are provided Unless it would be unreasonable to expect such
It is recognised that it may not be possible to agree a valuation or to suggest an alternative before the filing date for the tax return. See SVM105060 This will not be accepted as a legitimate reason for the taxpayer to make a late return

If SAV agrees a valuation, HMRC will not challenge the use of the valuation in the tax return of the taxpayer concerned, unless there are relevant facts that the taxpayer has not disclosed.

The taxpayer must submit the form CG34 to the address shown on the form. If a taxpayer makes a direct approach to SAV, you should ask him/her to complete a form CG34 with the required details and submit it to the address shown on the form. [Thus the Inspector will be aware of the prospective CGT liability and will have the opportunity (briefly) to consider the liability ahead of the filing of the SA return.]

  Additional Guidance: SVM150000