SVM108020 - Inheritance Tax: Receipt of Valuation Requests

Valuations received from Inheritance Tax should be submitted through the Risk/Compliance spreadsheet. These include:

• All valuations at the date of death for personal estate, interests in unadministered estates and settled property in which the deceased had a beneficial interest in possession in settled property that is not relevant property for IHT purposes. (Broadly speaking, this means beneficial interests in possession arising before 22 March 2006 or, for those arising on or after that date, those that are ‘qualifying’ for IHT purposes – see the Inheritance Tax Manual at IHTM16061 for guidance.)
• All valuations of lifetime transfers including non-death immediately chargeable transfers.
• All Ten Year Anniversary and proportionate charges on relevant property trusts.
• All valuations of chattels.
• All valuations of foreign land.

Updating Stages

Updates to IHT should be provided by email where possible. Send a copy of all correspondence you issue and any values you offer so the case owner is aware of the tax at stake. If the IHT caseworker is not known, you can provide updates using the Compass notes box or to the appropriate TSG mailboxes.

Updates should be given when fresh correspondence is issued or at three monthly intervals, whichever is sooner.

Closing IHT valuations

Once a valuation is closed, complete the closure through the SWISS system and the Risk/Compliance spreadsheet where appropriate.
Where a case has been negotiated, notification of agreement should be sent by email, directly to the appropriate IHT caseworker or contact point.
Retain an electronic copy of the notification for the CAF in the Digital Repository.

Additional Guidance: SVM150000