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HMRC internal manual

Shares and Assets Valuation Manual

Updates: Shares and Assets Valuation Manual

2016

published amendments

The Litigation and Technical Advice Team (LTAT): Judicial Review
Changed name of chapter
The Litigation and Technical Advice Team (LTAT): Cases suitable for Litigation
Changed name of chapter.
The Litigation and Technical Advice Team (LTAT): Cases to be referred to the Litigation and Technical Advice Team (LTAT)
Changed LTAT Team to read LTAT.
Title of chapter changed.
The Litigation and Technical Advice Team (LTAT): Contentious Cases
Changed title of chapter.
The Litigation and Technical Advice Team (LTAT): Contents
Changed title of the chapter

published amendments

The Litigation and Technical Advice Team (LTAT): Cases to be referred to the Litigation and Technical Advice Team (LTAT)
Correction to name of chapter

published amendments

ITEPA: Operation of PAYE
PAYE Healthcheck facility withdrawn with effect from 1 April 2016.
ITEPA: General Procedural Points
Employment Income (ITEPA) Post Transaction Valuation Check facility withdrawn with effect from 1 April 2016.
Capital Gains Tax procedures: valuation requests
Removal of reference to ITEPA PTVC valuations as checking service withdrawn with effect from 1 April 2016.
Self Assessment: Post Transaction Valuation Checks (PTVCs) - Overall Approach to PTVC Valuations
Removal of reference to ITEPA PTVC valuations as checking service withdrawn with effect from 1 April 2016.
Self Assessment: Employment Income (ITEPA) Post Transaction Valuation Checks (PTVCs)
Employment Income (ITEPA) Post Transaction Valuation Check facility withdrawn with effect from 1 April 2016.
Self Assessment: Post Transaction Valuation Checks (PTVCs) - Processing PTVC Valuations
Removal of references to ITEPA PTVC valuations as checking service withdrawn with effect from 1 April 2016.

published amendments

The Statutory Open Market: Case Law - Shareholders' / family agreements
Formatting correction to headings.
The Statutory Open Market: Contents
New page added - SVM113140
Statutory Notices: Capital Gains Tax, Income Tax, Corporation Tax (Inheritance Tax and Stamp Duty Land Tax and others from 1 April 2010) - introduction
fix table formatting
fix table formatting
fixing a table formatting problem
Formatting amendment
Formatting correction
Formatting amendment
Table formatting correction
Formatting amendment
Page updated.
Statutory Notices: Capital Gains Tax, Income Tax, Corporation Tax (Inheritance Tax and Stamp Duty Land Tax and others from 1 April 2010)
More detail added to page.

published amendments

IHT Business Property Relief: Meaning of investment
Page updated - more cases added.
IHT Business Property Relief: Wholly or mainly
Formatting correction
Page updated - reference to hybrid businesses added.
IHT Business Property Relief: Investment businesses
Page updated

published amendments

IHT Business Property Relief: Group situations
Page clarified.
IHT Business Property Relief: Dealing in land or buildings
Page clarified.

published amendments

IHT Business Property Relief: Hotels, Bed and Breakfast, Residential Homes and other accommodation, holiday lettings, the general admission of people to land and caravan sites
Page updated and more cases added.

published amendments

IHT Business Property Relief: Hotels, Bed and Breakfast, Residential Homes and other accommodation, holiday lettings, the general admission of people to land and caravan sites
Page republished

published amendments

Files and Forms: The Swiss Workbook
Page updated.
Files and Forms: The SAV Case Plan
Page updated.
Files and Forms: The Valuation Sub File - VAL27
Page updated.
Files and forms: contents
New page added.
Files and Forms: The SAV Notes Sub File - VAL26
Page updated.
Files and Forms: File Management
Formatting corrected.
Page updated.
Files and Forms: The Shares File - VAL25
Page updated.
Files and Forms: The Present System - the CRN File
Page updated.

published amendments

IHT Business Property Relief: contents
Formatting change
Formatting change.

published amendments

Self Assessment: Corporation Tax Self Assessment (CTSA) - Consequences for SAV Practice
Page updated.
Self Assessment: Corporation Tax Self Assessment (CTSA) - PTVCs
Page updated.
Self Assessment: Corporation Tax Self Assessment (CTSA)
Page updated.
Self Assessment: Effect of SA on SAV Casework
Page updated.
Page updated.
Self Assessment: Post Transaction Valuation Checks (PTVCs) - Overall Approach to PTVC Valuations
Page updated.
Self Assessment: Post Transaction Valuation Checks (PTVCs) - Processing PTVC Valuations
Page updated.
Self Assessment: Post Transaction Valuation Checks (PTVCs) for CGT - Information Requirements
Page updated.
Self Assessment - Post Transaction Valuation Checks (PTVCs) for CGT
Page updated.
Self Assessment: Enquiries into Returns
Page updated.

published amendments

Files and forms: contents
Link to archived SVM102090 page removed from contents page

published amendments

Share Valuation Manual: additional guidance
Formatting amendments
Fixing one link
Links corrected.
Updated links

published amendments

Share Valuation Manual: additional guidance
Fix GOV.UK link
Fix GOV.UK links
Fix CT link on GOV.UK
Fix GOV.UK link for CG
Fix GOV.UK links
Fix GOV.UK links
Fix GOV.UK links
Fix GOV.UK links
Fix GOV.UK links
Fix GOV.UK link for EM
Fix GOV.UK links
Formatting amendment

published amendments

Share Valuation Manual: additional guidance
Fix GOV.UK link
Fix GOV.UK link
To fix GOV.UK link
IHT Business Property Relief: Meaning of investment
formatting amendments
IHT Business Property Relief: Wholly or mainly
Formatting amendments
IHT Business Property Relief: Investment businesses
Formatting amendments

published amendments

Share Valuation Manual: additional guidance
fix gov.uk link

published amendments

IHT Business Property Relief: Appendix 1 - Business Relief rates
Table reformatting
Table reformatting
Tax Advantaged Share Schemes: flotation
Corrected font.
Tax Advantaged Share Schemes: procedural matters on approved schemes
Clarification of final paragraph.

published amendments

IHT Business Property Relief: Appendix 1 - Business Relief rates
Table formatting tidied - no change to content

published amendments

IHT Business Property Relief: Appendix 1 - Business Relief rates
Table formatting change - no content change

published amendments

IHT Business Property Relief: Appendix 1 - Business Relief rates
Formatting amendments
Formatting of table corrected
Empty row deleted from table
Capital Gains Tax procedures - Capital Gains Tax reliefs
Updated link as chapter SVM116000 now replaced by chapter SVM120000
Capital Gains Tax procedures: correspondence with the Inspector
Updated link as chapter SVM116000 now replaced by chapter SVM120000
Self Assessment: Effect of SA on SAV Casework
Link correction
Updated link as chapter SVM116000 now replaced by chapter SVM120000.
Self Assessment: Enquiries into Returns
Updated link as chapter SVM116000 now replaced by chapter SVM120000

published amendments

Share Valuation Manual: additional guidance
update gov.uk link
updating GOV.UK link
Republished to correct broken link

published amendments

The Litigation and Technical Advice Team (LTAT): Contentious Cases
Link correction
Updated link as chapter SVM116000 now replaced by chapter SVM120000.

published amendments

Introduction: foreign assets
Minor formatting change
Minor formatting

published amendments

Introduction: foreign assets
Number format amendment
Formatting amendments
Number formatting amended

2017

published amendments

Tax Advantaged Share Schemes: roll over provisions - CSOP, SAYE and EMI
Formatting change.
Tax Advantaged Share Schemes: Enterprise Management Incentives (EMI)
Updated ETASSUM manual name
Tax Advantaged Share Schemes: approved savings related (SAYE) share option schemes
Updated ETASSUM manual name
Tax Advantaged Share Schemes: Share Incentive Plans (SIP)
Updated limits for free and partnership shares.

published amendments

Inheritance Tax: Contents
New page added to menu SVM108057 - Inheritance Tax: VAL73 - Risk Assessment on a chargeable lifetime transfer
SVM108160 and SVM108170 removed from menu following amalgamation with SVM108150
page republished
Inheritance Tax: VAL70 (Chattels)
New page added - SVM108055
Inheritance Tax: VAL70 (Foreign Land)
New page added - SVM108053
Inheritance Tax: Close Companies - Claims under ss.94 - 102 IHTA 1984
Page republished to display correctly on GOV.UK.
Inheritance Tax: Interests in possession - post Finance Act 2006
Clarification of definition.
Inheritance Tax: Teamworking Arrangements with the IHT Caseworker - Case Conferences
Added case conferences can be arranged at any time
Inheritance Tax: Teamworking Arrangements with the IHT Caseworker
Formatting correction
Amalgamation of pages SVM108150, SVM108160 and SVM108170 as IHT caseworker no longer divides their cases into full enquiries and others.
Inheritance Tax: Sub-Threshold Cases - Death
Updated to reflect revised form.
Inheritance Tax: VAL74 - Risk Assessment for Ten Year Anniversary Charge
Now VAL74 instead of VAL72.
Inheritance Tax: VAL70 (Settlements)
Now VAL74 instead of VAL72
Now VAL74 instead of VAL72.
Inheritance Tax: VAL70 (Death)
Updated to reflect revised form.
Inheritance Tax: VAL70 (Lifetime)
Updated to reflect revised form.
Inheritance Tax: Receipt of Valuation Requests
Two extra VAL70 forms added. Updating procedure updated.
Inheritance Tax: Introduction
Updated link.

published amendments

Inheritance Tax: VAL73 - Risk Assessment on a chargeable lifetime transfer
Page republished. No change to text
Inheritance Tax: VAL70 (Chattels)
page republished. No change to text.
Additional guidance link reformatted
Inheritance Tax: VAL70 (Foreign Land)
Additional guidance table reformatted.
Inheritance Tax: Contents
Menu republished.
New pages added
Inheritance Tax: Dispositions not intended to confer gratuitous benefit - s.10 IHTA 1984
Short title amended
Inheritance Tax: Sums due to/from the Company
Page republished to display correctly on GOV.UK

published amendments

Capital Gains Tax Procedures: Joint Holdings
Page republished to display correctly on GOV.UK
Capital Gains Tax procedures: quoted shares
Updated to include the Market Value of Shares, Securities and Strips Regulations 2015 (SI 2015/616).

published amendments

Capital Gains Tax procedures: quoted shares
Updated link

published amendments

Liaison with Valuation Office Agency and other offices: Procedure for References
Correcting link
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: Companies House
Updated to reflect current procedure.
Liaison with Valuation Office Agency and other offices: Release of SAV Papers to other parts of the Department
Updated to reflect current procedure.
Liaison with Valuation Office Agency and other offices: Fraud Investigation Services (FIS)
Change of name. Specialist Investigations (SI) now Fraud Investigation Services (FIS).
Liaison with Valuation Office Agency and other offices: Milk Quotas - Company as Landlord only
Updated to reflect current procedure.
Liaison with Valuation Office Agency and other offices: Tax offices
Updated to reflect current procedure.
Liaison with Valuation Office Agency and other offices: Milk Quotas - Dairy Farming Companies
Updated to reflect current procedure.
Liaison with the Valuation Office Agency and other offices: Single Payment Scheme (SPS)
Removed abbreviations
Liaison with Valuation Office Agency and other offices: Agricultural Tenancies
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: Milk Quotas
Updated to reflect current procedure.
Liaison with Valuation Office Agency and other offices: Mineral Undertakings
Removed abbreviations
Liaison with Valuation Office Agency and other offices: Trade Related Property
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: Plant and Machinery
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: Procedure for References - reviewing and failure of negotiations
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: Procedure for References - introduction
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: Land Portfolio Valuation Unit
Updated to reflect current procedure
Liaison with Valuation Office Agency and other offices: References to the Valuation Office Agency - Risk Assessment
Updated to reflect current procedure.
Liaison with Valuation Office Agency and other offices: Valuation Office Agency
Updated to reflect current procedure
Capital Gains Tax procedures: negligible value
Link updated.

published amendments

Liaison with Valuation Office Agency and other offices: Milk Quotas
Page republished
Liaison with Valuation Office Agency and other offices: Land Portfolio Valuation Unit
Page republished
Liaison with Valuation Office Agency and other offices: Valuation Office Agency
Page republished

published amendments

IHT Agricultural Property Relief: Agricultural Property, Agricultural Value and Agriculture
Republish to push links to gov.uk
Appeals Team renamed Litigation and Technical Advice Team (LTAT).
IHT Agricultural Property Relief: Introduction
Republishing to push links to GOV.UK
Page republished to display correctly on GOV.UK.
IHT Agricultural Property Relief: Practice Notes / dealing with companies where AR may be an issue
Republish to fix list indentation
Appeals Team renamed Litigation and Technical Advice Team (LTAT).
IHT Agricultural Property Relief: Shares or Securities which give control
Formatting alteration.
Appeals Team renamed the Litigation and Technical Advice Team (LTAT).
IHT Agricultural Property Relief: References to the Valuation Office Agency
Appeals Team renamed the Litigation and Technical Advice Team (LTAT)
IHT Agricultural Property Relief: Effect of failure to satisfy the additional conditions
Page republished to display correctly on GOV.UK.
IHT Agricultural Property Relief: Shares / Securities subject to a binding contract for sale
Appeals Team renamed the Litigation and Technical Advice Team (LTAT).
IHT Agricultural Property Relief: Replacement Provisions (Shares or Securities)
Page republished to display correctly on GOV.UK.
Agricultural Property Relief: Share Ownership Test
Page republished to display correctly on GOV.UK.
IHT Agricultural Property Relief: Replacement Provisions (Agricultural Property)
Appeals Team renamed the Litigation and Technical Advice Team (LTAT).
IHT Agricultural Property Relief: Occupation Rule
Appeals Team renamed the Litigation and Technical Advice Team (LTAT).
IHT Agricultural Property Relief: Company occupation / ownership tests
Appeals Team renamed the Litigation and Technical Advice Team (LTAT)
IHT Agricultural Property Relief: Rates of Relief
Page republished to display correctly on GOV.UK

published amendments

Information Standards: Relevant Cases
Page republished to display correctly on GOV.UK
Information Standards: Information Available
Page republished to display correctly on GOV.UK.
Information Standards: Valuations to which the Finance Act 1973 Legislation applies
Page republished to display correctly on GOV.UK.
Information Standards: the Statutory Provisions
Page republished to display correctly on Gov.UK
Information Standards: Introduction
Page republished to display correctly on GOV.UK

published amendments

Case Selection, Handling and Settlement: cases to be referred to the Litigation and Technical Advice Team
Corrected spelling error
Updated to reflect changes in procedure.
Case Selection, Handling and Settlement:Case management and reviews
Large Business Service now called Large Business. Small number of minor style changes.
Case Selection, Handling and Settlement: Pro-active caseworking
Addition of two sentences on HMRC's Litigation and Settlement Strategy
addition of words 'telephone conferences'
Case Selection, Handling and Settlement: Risk Assessment
Replaced 'adduced' with 'presented'.
Case Selection, Handling and Settlement: case referral
Tax office changed to HMRC Business Area

published amendments

Case Selection, Handling and Settlement: Case settlement
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement: cases to be referred to the Litigation and Technical Advice Team
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement:Case management and reviews
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement: Governance
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement: Pro-active caseworking
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement: Risk Assessment
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement: case referral
Republish page to get update list on GOV.UK to update
Case Selection, Handling and Settlement: Introduction
Republish page to get update list on GOV.UK to update.

2018

published amendments

Other Compliance Matters: Contents
Links to page SVM119050 archived
Other compliance matters: transactions with relevance for more than one tax
Addition of text stating that the same principle applies irrespective of the taxes impacted by the valuation
Other compliance matters: value shifting
Page republished to display correctly on GOV.UK
Other compliance matters: depreciatory transactions and value shifting
Page republished to display correctly on GOV.UK

published amendments

ITEPA: Employee Shareholder Employment Status (ES)
Page amended to take account of the changes announced in the November 2016 Autumn Statement.
ITEPA: Corporation Tax deduction
Formatting correction

published amendments

Self Assessment: Corporation Tax Self Assessment (CTSA) - Consequences for SAV Practice
Customer Relationship Manager renamed Customer Compliance Manager
Self Assessment: Post Transaction Valuation Checks (PTVCs) - Processing PTVC Valuations
High Net Worth Unit now called Wealthy and Mid-Sized Business Compliance

published amendments

Introduction: foreign assets
Amended to reflect current procedure
Introduction: Quoted Shares
Amended to reflect current procedure

published amendments

The Litigation and Technical Advice Team (LTAT): Cases suitable for Litigation
amendment to reflect current procedure
The Litigation and Technical Advice Team (LTAT): Contentious Cases
Small rewording of first paragraph
The Litigation and Technical Advice Team (LTAT): Cases to be referred to the Litigation and Technical Advice Team (LTAT)
amendment to reflect current procedure

published amendments

Files and forms: contents
Page SVM102015 added and pages SVM102040, SVM102050, SVM102060 and SVM102085 deleted.
Files and Forms: Digital Files
New page - SVM102015
Files and Forms: The Swiss Workbook
addition of two new fields to SWISS data entry and some minor formatting.
Files and Forms: The SAV Case Plan
reference to paper file procedure removed.
Files and Forms: The Shares File - VAL25
reference to paper file procedure removed.
Files and Forms: File Management
Reference to paper file procedure removed. Some minor formatting.
Files and Forms: The Present System - the CRN File
Company number details added for 2016 and 2017.

published amendments

Share Valuation Manual: additional guidance
Minor formatting update

published amendments

Files and Forms: The Present System - the CRN File
Minor formatting change
Files and Forms: File Management
Minor formatting applied

published amendments

Share Valuation Manual: additional guidance
page republished, no change to text

published amendments

Share Valuation Manual: additional guidance
Republished, no change to text.

published amendments

Tax Advantaged Share Schemes: rights issues - CSOP and SAYE Schemes
Minor formatting.
Tax Advantaged Share Schemes: flotation
Spelling correction
Tax Advantaged Share Schemes: Enterprise Management Incentives (EMI)
Minor formatting and spelling correction.

published amendments

IHT Business Property Relief: Wholly or mainly
Appeals Team renamed Litigation and Technical Advice Team (LTAT)
Appeals Team renamed Litigation and Technical Advice Team (LTAT).
IHT Business Property Relief: Other circumstances where basic rule relaxed
Appeals Team renamed Litigation and Technical Advice Team
Minor formatting so page displays correctly on GOV.UK
Appeals Team renamed Litigation and Technical Advice Team (LTAT). Minor formatting.
IHT Business Property Relief: Replacement provisions
Minor formatting.
IHT Business Property Relief: Effect of failure to satisfy the additional conditions
Minor formatting
minor formatting
Minor formatting
Minor formatting.
IHT Business Property Relief: Relief on lifetime transfers - (additional) tax payable on transferor’s death within seven years
Appeals Team renamed Litigation and Technical Advice Team (LTAT). Minor formatting.
IHT Business Property Relief: Future use
Appeals Team renamed Litigation and Technical Advice Team (LTAT).
IHT Business Property Relief: S.105(4) - Market Makers and Jobbers
Minor formatting.
IHT Business Property Relief: Group situations
Formatting changes.
IHT Business Property Relief: Hotels, Bed and Breakfast, Residential Homes and other accommodation, holiday lettings, the general admission of people to land and caravan sites
Minor alteration to 'The general admission of people to land' section.
IHT Business Property Relief: Meaning of investment
Clarification of final paragraph.
IHT Business Property Relief: Company subject to winding up - s.105(5)
Minor formatting change.
IHT Business Property Relief: Property subject to a contract for sale
Appeals Team renamed Litigation and Technical Advice Team (LTAT)
IHT Business Property Relief: Business carried on for gain - s.103(3)
Appeals Team renamed Litigation and Technical Advice Team (LTAT). Updated to reflect current procedure.
IHT Business Property Relief: Practical considerations, including restriction of relief under s.107(2)
Appeals Team renamed Litigation and Technical Advice Team (LTAT). Addition of two extra paragraphs referring to s.107(2)
IHT Business Property Relief: Business Relief Practice Notes
Minor formatting so page displays correctly on GOV.UK
Minor formatting so page displays correctly on GOV.UK
Appeals Team renamed Litigation and Technical Advice Team (LTAT). Minor formatting.
IHT Business Property Relief: Meaning of ‘unquoted’ and ‘control’
Appeals Team renamed Litigation and Technical Advice Team (LTAT)
IHT Business Property Relief: Categories of business property and rates of relief
Appeals Team renamed Litigation and Technical Advice Team (LTAT)
IHT Business Property Relief - Changes in the rates of relief
Minor formatting.
IHT Business Property Relief: Introduction
Minor formatting

published amendments

Capital Gains Tax Procedures: Joint Holdings
Minor formatting.
Capital Gains Tax procedures: negligible value
Business Support Team now called Service Delivery Team. Appeals Team now called Litigation and Technical Advice Team. Also some minor formatting.
Capital Gains Tax Procedures: 1982 Holding and Extra Statutory Concession D44
Minor formatting.
Capital Gains Tax procedures: quoted shares
Clarification of the position of shares traded on markets such as AIM and NEX Exchange.
Capital Gains Tax procedures: goodwill
HMRC business names updated and minor formatting.
Capital Gains Tax Procedures: Notification of Agreements
Minor formatting.
Capital Gains Tax procedures: correspondence with the Inspector
Large Business Service renamed Large Business
Capital Gains Tax procedures: valuation requests
Account manager renamed Customer Compliance Manager
Capital Gains Tax procedures: introduction
SPT Capital Gains Technical Group renamed Capital Gains Technical Group