IHTM18161 - Unlisted shares: completing Val70 (death and lifetime)

Open a new Val70 document from the appropriate template in Word.

Type in the IHT reference and then select the "Compass Info" button in the bottom left hand corner. This will automatically complete the fields for the name/transferor, date of death, the agent's details, plus your own contact details.

Certain boxes on the form are mandatory and you will not be able to send the form until they are completed. Promps will appear if they are not completed. The SAV reference number needs to be completed from ALF. If information for any of these boxes is notavailable, you must obtain it from the taxpayer prior to sending the Val70 to SAV.

CG caseworkers should tick the appropriate box to tell SAV that this is a Compliance Group file (and, if appropriate, the full enquiry box - this will notify SAV that a case conference ( IHTM18242) will be required).

No attachments

Upon completion, if there are no attachments to send to SAV, send the form by email to

• Mailpoint A for Nottingham SAV, or
• Mailpoint B for Edinburgh SAV

The email will be given a title obtained from the completed template automatically.

Attachments

Where there are attachments (such as business accounts) to send to SAV, print the form and send it through the internal mail with the attachements. Under no circumstancesshould you send the form electronically and the attachments by post separately.

File records

• PC&S - save the form onto the Knowledge Tree and note the issue of Val70in the Compass notes box. There is no need to print a paper copy of the form
• CG - print a copy of the form and retain it in your file for file review purposes. You do not need to save a copy to the Knowledge Tree

• Use a separate Val70 for each individual unlisted company. (Note the other SAV references in the appropriate box so that SAV can identify multi-cases)
• If the shares are taxable under different titles (free estate, settled property, joint property), use a separate row for each title.
• References to spouses/marriage include Civil Partners/Civil Partnerships ( IHTM11032). SAV need to know of shares owned by the spouse or Civil Partner because of the related property provisions of IHTA84/S161 ( IHTM09731) . For example, if a transferor owned 10% shares in a company and his wife owns 45%, the 10% shareholding is valued as part of the majority holding of 55%.
• Include any shares within a settlement that is exempt under IHTA84/SCH6/PARA2 as a non-taxable interest. Even though they are not themselves taxable, their existence may affect the value of the taxable shares.
• Send a copy of all documentation relevant to the valuation and/or relief claims.
• Review schedules IHT416 and IHT419. for any debts claimed to or from the deceased.
• Advise of any tax implications SAV should consider. For instance, if the estate is not currently taxable, part of the transfer is exempt, the company is in the course of liquidation, or there are investigation issues which may affect the tax at stake.
• If a number of transfers occurred on the same day, but were not simultaneous, and you need to calculate each loss to the estate separately, then complete a separate Val70(lifetime) for each transfer.