OT30301 - Capital Gains

Valuation of Oil Assets (including shares). Post Transaction Valuations.

In January 2000, the Department provided companies the opportunity to submit Capital Gains Tax valuations to their tax office for agreement before the filing date for making their returns. The aim of the service is to help with the preparation of Self Assessment returns. This service includes oil assets.

As before, we will consider valuations only after the relevant transaction. OTO will not enter into discussions about valuations or methodologies before a transaction has taken place.

All valuations of land other than oil licence interests should continue to be referred to the District Valuer. All valuations of shares should continue to be referred to SV (Edin), although where the value is derived wholly or mainly from oil assets SV (Edin) the guidance at OT30300 continues to apply (in practice it will usually be appropriate to advise SV (Edin) of our opinion on any oil asset values at the time of referral).

The general guidance is set out at CG16600 and in Tax Bulletin 45. Applications to use the service should be made on form CG34.