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HMRC internal manual

Shares and Assets Valuation Manual

Inheritance Tax: VAL70 (Foreign Land)

The top sections of this form give the valuer details of the property – address, tenure, valuation date and so on.

If any of this information is not provided on the form or in supplementary information the valuer should go back to the IHT caseworker to obtain the missing information.

Often a reply to a set of questions issued by the caseworker is provided instead of a professional valuation.

The next section of the Val 70 Foreign Land gives details of the transferor, their spouse/civil partner and the size of the estate.  This will allow the valuer to gauge the tax at risk.  If it is clear that the chargeable value of the asset(s) is not such as to cause the taxable limit to be exceeded, the valuation may be concluded on that basis without agreeing a particular value.

The further information box will contain details of any connected valuations or if SAV has previously had to consider the value of the property.

 

  Additional Guidance: SVM150000