IHTM09242 - Ascertained values: when is a value ‘ascertained’?

A value is ‘ascertained’ when

• the taxpayer and HMRC expressly agree a figure – so if the VOA ( IHTM23002) provides an agreed report ( IHTM23147), the value of the property is ‘ascertained’
• we accept a value implicitly by accepting the tax on the value offered by the taxpayer: for example where the VOA provides an ‘as returned’ ( IHTM23144) report, or we collect the tax on a valuable chattel without expressly agreeing the value, or
• the taxpayer claims loss on sale of land relief ( IHTM33001), when the substituted value becomes the ascertained value.