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HMRC internal manual

Shares and Assets Valuation Manual

From
HM Revenue & Customs
Updated
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Liaison with Valuation Office Agency and other offices: Milk Quotas - Company as Landlord only

Company owning land farmed by another company

Share valuers should obtain the SAV file, if there is one, for the tenant company and this should be examined to ascertain whether that company was a dairy producer at the valuation date. If it was, share valuers should ask the parties for a statement or certificate and proceed as at SVM115130 paragraph 1.

If there is no, or insufficient, current information held in SAV about the tenant company, the enquiries at immediately below should be raised.

Company owning land farmed by an individual or by a partnership under a tenancy or licence

The parties should be asked whether there was any Milk Quota (MQ) referable to the land, and, if so, for a statement or certificate from the Rural Payments Agency showing the name(s) of the producer(s) and the amount of MQ registered. The information should then be sent to the Valuation Office Agency (VOA), together with the reference in respect of the land.

The parties should also be asked whether the landlord company has leased MQ to a producer, and, if so, for details of the transaction and the amount involved.

If the parties’ object to providing information (e.g. where the registered producer is unconnected with the landlord) the VOA can still be approached with full details of the problem encountered. The VOA may be in a better position to obtain what is required or may be able to settle for less information.

  Additional Guidance: SVM150000