CG32271 - Death and Personal Representatives: Valuation of assets at date of death and associated liaison with Specialist PT-IHT: Ascertained values: Valuation of assets: unascertained values: assistance with valuations

Land in the UK

Where you are told that the value was not ascertained

  • inform the taxpayer or agent. You should explain that in these circumstances the figure returned for probate has no binding effect for capital gains purposes and it is necessary to now consider the valuation using the principles and procedures applying to Capital Gains Tax cases
  • issue form CG20 to the appropriate Valuation Office Agency completed in accordance with CG74320.

If the disposal is by a legatee and his or her interest is less than the interest acquired by the personal representatives (or may be but you do not have full information) this point should be brought to the attention of the Valuation Office Agency who should be requested to provide the value for the full interest acquired by the personal representatives (and details of the size of that interest if you do not have that latter information).

Unlisted shares

Where you are told that the value was not ascertained

  • inform the taxpayer or agent. You should explain that in these circumstances the figure returned for probate has no binding effect for capital gains purposes and it is necessary to now consider the valuation using the principles and procedures apply to Capital Gains Tax cases
  • issue form CG30 to Shares and Assets Valuation completed in accordance with CG59560+.

Other assets

Where you are told that the value was not ascertained

  • inform the taxpayer or agent. You should explain that in these circumstances the figure returned for probate has no binding effect for capital gains purposes and it is necessary to now consider the valuation using the principles and procedures applying to Capital Gains Tax cases
  • if the asset is one of the categories where BAI Shares and Assets Valuation or HMRC – Trusts and Estates Heritage Section will assist with valuation, that is, goodwill, see CG68000+ or one of the categories of assets listed in CG77002 - CG77004, you should ask the appropriate HMRCShares and Assets Valuation or HMRC– Trusts and Estates Heritage Section to negotiate a valuation
  • if the disposal is by a legatee and his or her interest is less than the interest acquired by the personal representatives (or may be but you do not have full information) this point should be brought to the attention of the HMRCShares and Assets Valuation or HMRC – Trusts and Estates Heritage Section in an accompanying memo. They should be requested to provide the value for the full interest acquired by the personal representatives (and details of the size of that interest if you do not have that latter information)
  • if the asset is one for which the Inspector has responsibility for negotiating values, for example, plant and machinery other than fixed plant and machinery (see CG77001), you should commence negotiations on the valuation with the personal representatives, the legatees or their agents as appropriate. When HMRC- Trusts and Estates IHT has papers you should ask whether the papers contain any information relevant to such valuation, for example accounts.