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).
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
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.
Some areas of clarification to help you complete
- 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
- 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.