Updates: Inheritance Tax Manual
2023
Section 16: shares and assets valuation
Text under section '16.1 Shares and Assets Valuation' has been changed slightly.
Section 2: Property Valuation Process
Updated section slug from guidance/inheritance-tax-manual/section-2-the-evolution-of-iht-estate-duty to guidance/inheritance-tax-manual/section-2-property-valuation-process
2022
Section 12: Reliefs for Loss on Sale of Land After Death
Section 12: Reliefs for Loss on Sale of Land After Death has been updated.
Section 15: related property has been updated.
Appendix 28: related property has been removed due to redundant information.
Section 26: reference of cases to the VOA
Section 26: reference of cases to the VOA has been removed.
Section 27: general procedures
Section 27: general procedures has been removed.
Section 37: appeal cases has been removed.
Appendix 2: VOA 1 request for initial VOA case approval
Appendices 2, 3, 3A, 4, 8, 9, 10, 11, 12, 13, 14, 17, 18, 19, 21, 22, 23, 24, 25, 26 and 27 have been removed.
Section 2: Property Valuation Process
All of the content in this section has been updated.
2021
The content on Appendix 1 has been reserved.
All content was updated.
This section's content was out of date and has been reserved.
This section's content was out of date and has been reserved.
2020
This section is no longer required.
Appendix 15: form VO 1140 - prior agreement form
This section is no longer required.
2017
Section 1: general introduction
New section added.
Section 2: the evolution of IHT estate duty
New section added.
Section 4: transfer of value in life and on death
New section added.
New section added.
Section 5: relation to other Capital Taxes
New section added.
Section 7: revenue basis of market value - general principles
New section added.
New section added.
New section added.
Section 9: agricultural property
New section added.
Section 11: relief for business property
New section added.
New section added.
New section added.
Section 13: transfer within seven years before death relief for falls in market value
New section added.
New section added.
New section added.
Section 16: shares and assets valuation
New section added.
New section added.
New section added.
Section 19: partnership property
New section added.
Section 20: national heritage property
New section added.
New section added.
Section 26: reference of cases to the VOA
New section added.
Section 27: general procedures
New section added.
New section added.
New section added.
Practice Note 1: valuations for revenue purposes
New section added.
Practice Note 1: appendix A - Duke of Buccleuch v Commissioners of Inland Revenue (1967) IAC 506
New section added.
Practice Note 1: appendix B - Earl of Ellesmere v Commissioners of Inland Revenue, (1918) 2 KB 735
New section added.
Practice Note 1: appendix C - Lynall v Commissioners of Inland Revenue (1972) AC680
New section added.
New section added.
Practice Note 1: appendix E - Alexander v Inland Revenue Commissioners (1991)
New section added.
New section added.
Practice Note 2: undivided shares
New section added.
New section added.
Practice Note 4: agricultural tenancies
New section added.
Part 1: a summary of relevant legislation (1) agricultural holdings
New section added.
Part 2 : a summary of relevant legislation (2) agricultural dwellings
New section added.
Part 3: essentials of a tenancy
New section added.
New section added.
New section added.
Practice note 6: full consideration in money or money's worth
New section added.
Practice note 10: agricultural relief - Inheritance Tax
New section added.
Practice note 10: part 1 - identification of agricultural property
New section added.
Practice note 10: part 2 - assessment of agricultural value
New section added.
Practice note 10: part 3 - relief given since 1981
New section added.
Appendix 1: rates of Inheritance Tax
New section added.
Appendix 2: VOA 1 request for initial VOA case approval
New section added.
Appendix 3: form VOA 2 request for full VOA evaluation
New section added.
Appendix 4: form VO 1120 - VOA response to forms VOA 1 and VOA 2
New section added.
Appendix 3A: form VOA 3 continuation form to form VOA 1 and VOA 2
New section added.
Appendix 5: form val 63 - requests from SV for formal valuations and report
New section added.
Appendix 6A: Form VO 1164 - Reporting not negotiated cases to SAV
New section added.
Appendix 6B: form VO 1165 - reporting formal cases to SAV
New section added.
Appendix 7: form cap 37 - schedule of property to be valued
New section added.
Appendix 8: form D12 - land, buildings and interest
New section added.
Appendix 9: form VO 1105 - VOA opening letters to parties
New section added.
Appendix 10: form VOA 4 - email template used by IR(CT) for communications with VOA
New section added.
Appendix 11: Form VO 1101 - Notification of valuation to parties
New section added.
Appendix 12: Form VO 1102 - Reminder to parties
New section added.
Appendix 13: Form VO 1103 - Advice to IR(CT) on state of negotiations
New section added.
Appendix 14: form VO 1110 - final report
New section added.
Appendix 15: form VO 1140 - prior agreement form
New section added.
Appendix 17: time limits and targets for IHT cases
New section added.
Appendix 18: Appeal reports: guidance notes on completion
New section added.
Appendix 19: Appeal reports - guidance notes for cases involving claims for agricultural relief
New section added.
Appendix 21: litigation general
New section added.
Appendix 22: The Special Commissioners
New section added.
Appendix 23: The Lands Tribunal
New section added.
Appendix 24: the expert's report and notes for guidance of advocate
New section added.
Appendix 25: rule 42 documents and other exhibits
New section added.
Appendix 26: VO1191 - letter requesting PD consent for hearing before commissioners
New section added.
Appendix 27: VO1193 - letter for PD consent for use at lands tribunal
New section added.
New section added.
Appendix 29: national heritage property, form of descriptive report
New section added.
Appendix 30: caravan parks - business relief
New section added.