If you are enquiring into an undervaluation you should consult the valuer ( IHTM36143) before you raise any enquiries.
When raising enquiries into under-valuations you should bear in mind that you are primarily seeking to establish whether or not the taxpayer may have been negligent and not any valuer employed by them. (Only in those rare cases where there is evidence to suggest that IHTA84/S247 (3) ( IHTM36104) or IHTA84/S247 (4) ( IHTM36105) penalties may apply will you need to consider the motives and actions of the agent.)
If the original valuation was supported by a professional valuation you need to ask yourself whether it was reasonable for the taxpayer to rely on this valuation or was there something else known to them that would cast doubt on the value. You will need to find out
Depending upon the circumstances you might wish to ask for
copies of records, minutes of any discussions, meetings or any
other correspondence between the taxpayers, agents and valuation
advisors where valuation issues or sales and marketing issues were
There are a number of specific issues that you may need to consider in connection with undervaluations of land or buildings ( IHTM36154).