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HMRC internal manual

Shares and Assets Valuation Manual

Inheritance Tax: Receipt of Valuation Requests

There are five 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.
  • On screen Val70 (Chattels) for all valuations of chattels.
  • Electronic Val70 (Foreign Land) for 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 using Form VAL50

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

Notification of agreement will now be 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