IHTM18211 - Unlisted shares: acknowledgements and updates

Once the Val70 is attached to the correct file, SAV will send an acknowledgement.

• If the value is being considered, SAV will post an acknowledgement note on Compass, using the text ‘SAV ack. Company name. CRN ref.’ (Compass will automatically show the author’s name and the date)
• If there is no Compass record, an acknowledgement will be sent by memo.
• If the value/relief is agreed straight away, the Valuer will send confirmation by e- mail to the appropriate mailpoint.
• If AR or BR is agreed at 100%, the value of the shares has not been considered. You must not give the taxpayer the impression that the value is accepted. Giving that impression may prejudice further share valuations where relief does not cover the value.

If you have not received an acknowledgement within 3 months of the issue of the Val 70, take action to find whether SAV have received the form and have the shareholding under investigation.

SAV Primary Compliance Unit (PCU) ready to move file to Valuer

• PCU will enter contact details on Compass using the text ‘SAV update. Company name. CRN ref. Name and tel number of valuer.’
• If there is no Compass record, a memo will be sent.

• A short 3-month progress update will be added to Compass, using text ‘SAV 3 month open.’

• You should expect to receive an update from SAV at least every 3 months, or less as agreed, throughout the course of the valuation.
• Compass will be used for routine updates only.
• Information about latest changes in value or similar will be sent by e-mail, paper memo or Val200 form.
• If SAV receives information which you need to know, for instance regarding the availability of instalments, interest relief or business/agricultural relief, they will notify you immediately.

SAV will normally undertake reminding action with the taxpayer for their own enquiries and correspondence. If necessary, the Valuer will ask you to supply the names and addresses of the taxpayers and for details of any other matters affected by or which could usefully be included in a NOD ( IHTM37001).

If the valuation has been ongoing for 12 months, it is a full enquiry, a NOD is now considered, or you are considering other action to progress the valuation, handle the case with the Valuer through Teamworking ( IHTM18241).

Contacting SAV

If you have not received a progress report from SAV within the agreed/three month period take reminding action by phone, e-mail, memo or form Sect 103 as appropriate.

You should contact SAV if

• new information relevant to the valuation (as indicated on the Sect 103) becomes available to you,
• the valuation(s) is/are the only outstanding matter. In this case, calculate the present aggregate chargeable transfer using the last notified SAV figure.
• there is a significant change in the aggregate chargeable transfer figure previously notified to SAV, for instance where an estate which looks to be over the taxable threshold may now be below, or vice versa.