SDLTM80350 - Compliance: Liaison

Valuation office: Responsibility for valuation

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.