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HMRC internal manual

Shares and Assets Valuation Manual

Inheritance Tax: Teamworking Arrangements with the IHT Caseworker - other Enquiries and Specialist Cases

Other Enquiries/Account Amendment Work

For other enquiries valuations, you should send an update every three months until the valuation is settled.

Once the SAV file has been open for 12 months, you should contact the IHT case owner to arrange a case conference.

A case conference should be viewed as an opportunity for the IHT caseholder and SAV valuer to meet, assess all aspects of progress and decide on the most appropriate course of action. See this chapter at SVM108180

Case conferences thereafter should take place at no more than six monthly intervals.

The IHT caseworker will prepare a note of each case conference and let you have a copy. You should check it and correct any misconceptions. The case conference will serve in lieu of a written update.

Specialist Cases

The processes mentioned above are principally aimed at valuers dealing with the valuation of unquoted shares. However, the same principles apply to valuations relating to specialisms such as foreign assets, underwriting interests and livestock / bloodstock. Specialist valuers should therefore follow the liaison procedures already detailed for unquoted shares. Where both unquoted shares and other assets are being considered by SAV, it will be the responsibility of the IHT caseworker to co-ordinate case conferences as necessary with the general team valuer and the specialist.

Specialists should particularly bear in mind the formal procedures in the IHTA for the requisition of information (see this chapter at SVM108180 and Chapter 118 of this manual at SVM118000).

Especially where the specialist valuation is the only outstanding matter, the IHT caseworker will want to form a view as to the amount of tax at stake and the prospective delay in achieving a settlement. The IHT caseworker may, therefore, ask the specialist valuer to provide a “best of judgement” valuation of the asset where the valuation has been outstanding for more than a year. The value the specialist is able to give will vary from a firm opinion of value based on all necessary information to a likely range of values where more information is needed. The valuer and the IHT caseworker will then decide whether the matter should be pursued further and, if so, how the valuation is to be taken forward.

  Additional Guidance: SVM150000