BIM51565 - Builders, property dealers & developers: Income recognition: Valuation: Valuation reports

A valuation reported to you by the District Valuer is the considered opinion of our professional adviser and you must not compromise it by trying to negotiate an agreement at a different value when it is not accepted by the taxpayer.

If agreement cannot be reached between the taxpayer and the District Valuer, it is the General or Special Commissioners (and not the Lands Tribunal) who resolve the issue.

At a hearing of the General or Special Commissioners, on a valuation point which is relevant to the calculation of a trading income liability, the assistance of the District Valuer as an expert witness will be required. This is arranged by CT&VAT (Technical) via the Chief Executive's Office of the Valuation Office Agency (see BIM51615).