IHTM02065 - Communications: Procedure for disclosure of information: extent of disclosure for CGT purposes

Once you are sure that you can disclose information for Capital Gains Tax (CGT) purposes according to the instructions on limited disclosure (IHTM02064) you can only disclose information that confirms or indicates the value for Inheritance Tax (IHT) of the assets specified by the applicant. For example, the value per share adopted for IHT purposes. In particular:

• you should not give details of the property comprised in the transfer or trust fund or the size of the individual holdings of securities
• if the Valuation Office (IHTM23002) has reported a single value for a number of properties and the applicant asks the value of one or some of them you should tell them that our records do not show separate values. You should tell them to take up the question of their value for CGT purposes with the appropriate Inspector of Taxes
• if the applicant asks for copy accounts or details of the composition of property on which tax was paid the general rule (IHTM02031) on disclosure applies and you should ask the parties to produce the usual consents.

You should consult your manager in any case of doubt.

If you are satisfied that you can make limited disclosure you should tell the applicant that the information is supplied on the understanding that

• it is required for the purposes of CGT, and
• it will be used for that purpose alone

In your letter you should avoid words such as agreed or accepted. Preferably use a neutral expression, such as

• the value upon which IHT was paid, or
• the value included for IHT (if in fact no tax was paid)