SVM24076 - Share Valuation Manual: Self Assessment

Corporation Tax Self Assessment (CTSA)

Consequences for SV practice

Much of the basic framework for CTSA enquiries (including into valuations) is similar to the framework for ITSA.

You need to be sure that an enquiry has been opened before seeking information from the company or questioning a valuation in a CTSA case. For the purposes of the enquiry window, you should assume that the return was filed on time unless the District advises you otherwise. As with ITSA, you should use form Val 220 if you wish an enquiry to be opened into a company's tax return.

If you reach an agreement on value and notify it to the Inspector in the normal way, the Inspector will close the enquiry either then or when any other outstanding issues are settled or need to be brought to a head.

No unagreed valuation should be included in a notice of closure issued by the tax district until the Appeals Team has been consulted. (See SVM30120).

You need to be aware of the separate information powers for CTSA (see SVM24065 and SVM30110). If you face difficulty in obtaining information, you should ask the appropriate Inspector to use the relevant information powers at an early stage. If you are in any doubt as to which information power is appropriate, you will need to liaise closely with the relevant Inspector.