CG32263 - Valuation of assets: unascertained values: land in 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).