IHTM18191 - Unlisted shares:
completing Val70 (settlements)
Val70(settlements) is a version of the paper form in yellow. The
notes on the reverse of the top copy of the form are for
SAV’s guidance, however you will find that it is worthwhile
Send both pages of the form to SAV.
PC & S – simply note the issue of Val70 in the
Compass notes box. There is no need to keep a copy of the form.
CG – make copy of the form and retain it on your file
for file review purposes.
Proportionate charges before the first TYA (IHTM42114)
Box 6 – rate of tax
- Where it is clear that the value for rate
is sub-threshold consider whether you need to refer to SAV at all
for an “in isolation” value. Is any agreed lifetime
transfer value a sufficient guide?
- In other (sub-threshold) cases, use your
judgement in deciding whether to refer to SAV, bearing in mind that
an “in isolation” value may only marginally affect the
rate of tax.
- Only complete section3 in cases where you
have decided that a valuation is necessary, and the property
comprised in the settlement at the outset or added to it includes
shares in the unlisted company. The valuation date is the date of
transfer into settlement.
- If the property subject to the
proportionate charge does not include shares in the unlisted
company, cross-through sections 1 and 2, and only complete section
Box 3(a) - The figure which you insert is the
historic value of the shares (if you know it), or if you do not
know the historic value, show the agreed value in lifetime file
situations only (if a value is agreed).
Box 3(b) - The value you insert in sub-threshold
cases is the current threshold, minus any other figures (other
assets and PLCT for instance), that reckon for rate
- You will see from Note 4 on the reverse of
the form that SAV may ask you to recalculate the rate of tax where
they consider that the 3(a) value should be higher.
- In TYA cases, always show the rate of tax
as 6%. If there is a reduction for property not held for the full
ten years, provide an explanation in the notes box.
- “Other” types of charge here
might include flat rate charges.
- In proportionate charge cases before the
first TYA, where the transfer does not include unlisted shares
entitled to 100% business relief, delete the word
“provisional”. Where the
only property transferred is unlisted shares which
are entitled to 100% business relief, write n/k in the rate