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HMRC internal manual

Shares and Assets Valuation Manual

Liaison with Valuation Office Agency and other offices: Fraud Investigation Services (FIS)

Fraud Investigation Services (FIS) investigation papers can contain helpful information about the company and it may be useful to valuers involved in a valuation of a control or large minority holding to obtain these papers. However FIS necessarily works under conditions of close confidentiality. Accordingly, all information supplied to SAV about past and current cases must be treated as confidential and must not be disclosed without FIS’s consent. This applies even to mentioning the existence of an investigation, where the parties have made no reference to it themselves.

If the investigation is still in progress at the time of the SAV negotiations, it will be for the valuer to decide whether the share valuation is likely to be affected and, if so, defer negotiations pending conclusion of the investigation. In such cases, FIS should be informed that the valuation is being kept open until it reaches a settlement and that we would then like to see the working papers and final report. In accordance with the paragraph above, if the parties have made no reference to the existence of the investigations, FIS must also be asked for consent to the parties being told of the reason for negotiations being deferred.

  Additional Guidance: SVM150000