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HMRC internal manual

Shares and Assets Valuation Manual

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HM Revenue & Customs
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Statutory Notices: Capital Gains Tax, Income Tax, Corporation Tax (Inheritance Tax and Stamp Duty Land Tax and others from 1 April 2010) - introduction

From 1 April 2009 for most tax purposes, to include Capital Gains Tax, Income Tax, Corporation Tax (Inheritance Tax and Stamp Duty Land Tax and others from 1 April 2010) the statutory means of securing information and/or documentation for the purposes of checking the tax position of the Taxpayer is through the use of the statutory information powers at Schedule 36, Finance Act 2008.

If there is delay in producing information and / or documents that are considered to be reasonably required for the purposes of checking the person’s tax position, Schedule 36 authorises an officer of Revenue and Customs to issue a notice requiring the person to produce that information and/or those documents. See Appendix A (Word 57KB) for an example.

For these purposes a Person has a wide meaning. It includes, amongst others:

  • An individual, including someone who has died
  • A company including one that has ceased to exist
  • A trustee
  • A personal representative.

There are, in essence, three types of notices:

Type of notice Meaning
Taxpayer notice Requiring the person to provide information or documents to check their own tax position
Third party notice Requiring a third party to provide information or documents to check another person’s tax position
Identity unknown notice Requiring a person to provide information or documents to check the tax position of a person, or class of person whose identities are unknown

Taxpayer Notices are to be issued by the valuer. Where documentation is being sought that is wholly over six years old before the date of the notice, Valuers must seek the agreement of an Authorised Officer. See Appendix B (Word 35KB).

Third party and Identity Unknown Notices must first be discussed with the Litigation and Technical Advice Team (LTAT) before a draft notice is prepared - see SVM118020 and SVM117010.

Additional Guidance: SVM150000