IHTM29083 - Yield - effect of an IOV

Any changes to the value of the chargeable estate as a result of an IOV (IHTM35011) that you accept may need to be recorded as adjustments to yield. You may need to do this when

• assets on which you previously made adjustments to yield no longer form part of the estate. Any yield you previously claimed on these assets should now be deducted from the total yield claimed.
• the effect of the IOV means that the tax payable is now less than the yield claimed or is nil. You will need to adjust the yield claimed so it is equal to or less than the total tax payable.

In both cases this may mean that you have to reduce the yield to nil.

If the ERS record has been closed you may need to ask the PPT to record the adjustment manually. But, if the IOV is received more than a year after the enquiry is closed you do not need to do this.