Where a land transaction return is required under FA03/S76 the
amount of the chargeable consideration needs to be computed in
accordance with the statute.
If this requires a valuation it is the purchaser’s
responsibility to provide it.
The Stamp Office is not responsible for obtaining or
preparing valuations on behalf of a purchaser.
The valuation of assets can be a complex matter requiring
professional qualifications. It is important if the Inland Revenue
is to fulfil its obligations under the Taxpayers Charter that all
purchasers are dealt with consistently. The Inland Revenue employs
professional valuers to check valuations.
Where the asset on which the market value needs to be
considered is any form of interest in land, then assistance is
available from Valuation Office Agency. See
SDLTM80370.
Where the asset on which the market value needs to be
considered is other than land then assistance is available from
Shares Valuation. See
SDLTM80360.
When a valuation has been referred in accordance with
guidance, for example, to the Valuation Office Agency or to Shares
Valuation, and an appropriate valuation has been advised, the
compliance caseworker must rely on it in any dealings with the
purchaser.
Do not try to negotiate away valuation differences between a
purchaser and the Inland Revenue’s professional valuers.
Professional advice is to be relied upon. To do otherwise is
to compromise the standing of that advice and to make it harder for
the adviser to reach agreement in other cases.
