IHTM23146 - What to do on receipt of the VOA's final report: report endorsed ‘the value does not exceed £....‘

What it means

Where the VOA’s figure for the property leaves the value for rate below the minimum taxable limit, the opinion may be in the form as stated in the first column.

If this figure differs from that of the taxpayer, the VOA (IHTM23002) also amends the IHT405 (IHTM23012); and

writes the word ‘Max’ (maximum) in red ink if it is being returned.

Action

You must not communicate this figure to taxpayer since where using this formula, the VOA

  • will not have inspected the property; and
  • the figure gives only an approximate indication of value.

If subsequently

  • the total estate is increased; and
  • the threshold is exceeded, you should
  • report the facts to the VOA; and
  • request a further o/v IHTM23141) (if the question of value is still open).

If you need to contact the taxpayer in the interim about the position, write in accordance with the general terms outlined in IHTM23060