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HMRC internal manual

Shares and Assets Valuation Manual

Inheritance Tax: Receipt of Valuation Requests

There are three types of VAL70.

On screen VAL70 (death) for 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.)

On screen VAL70 (lifetime) for all valuations of lifetime transfers including non-death immediately chargeable transfers.

Yellow paper version VAL70 (settlements) for all Ten Year Anniversary and proportionate charges on relevant property trusts.

Updating Stages

The Compass Notes Box (CNB) should be used to update the IHT caseworker as the valuation proceeds, in accordance with contemporaneous practice.

Further 3 month update

Information about latest change in value or other detailed information to be sent by memo or e mail to the IHT caseworker (Compliance) or to the TSG mailboxes.

Closing IHT valuations using Form VAL50

Once a valuation is closed, complete a form VAL50 through the SWISS system.

Notification of agreement will now e sent by e mail, automatically and directly to the appropriate IHT mailpoint.

In addition, Valuer will enter in CNB text: SAV. Co name. SAV ref. Closed.

Retain a paper copy of the notification for your file by selecting the Print option. Only the SAV file copy will be printed. It will show the IHT mailpoint to which the agreement notification has been sent.

  Additional Guidance: SVM150000