Inheritance Tax: VAL70 (Chattels)
The top sections of the form give the valuer details of the deceased/transferor/donee, whether that be an individual, an estate or a trust.
The IHT caseworker should attach copies of any valuation or form IHT407 (or equivalent) highlighting any items that are to be considered in SAV. The items are generally returned at £5,000 or higher, but could be lower if the caseworker has reasons to suspect that the asset should breach the £5,000 limit. If this is the case the caseworker should give the reasons for their suspicions in the “further information” box.
The next four boxes give details of the chargeable event (death, transfer and so on), the valuation date, the aggregate chargeable transfer and the nil rate band. This will allow the valuer to gauge 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|