SVM102050 - Files and Forms: The Valuation Sub File – VAL27

The shareholding

Note how many shares are to be valued. The percentage of the issued capital or class of shares which the holding represents can be stated if wished.

Note also any related property for Capital Transfer Tax/lnheritance Tax purposes.

The agreed values should be filled in once each value has been settled. If it was agreed for example without prejudice or if Related Property is involved, the value should be qualified either below the figure or in the notes box.

Self Assessment Cases Box

There is space here to note the Assessment Year, the date the Enquiry Window closes, when the Enquiry was opened and the filing date for the return (if known). Also tick whether the valuation is informal, formal or a PTVC case.

Non SA Cases

This grid is for dates of assessments / appeals.

IHT Cases Box

This grid reminds valuers to consider whether values before and after transfer are required, whether any sums are due to or from the Estate, and whether BR or Instalments are due.

PCU Information Box

This serves as a check list for support staff when a valuation report is initially received in SAV.

Customer Updates Box

The grid should be used to indicate the date on which Progress updates were sent to the IHT Group or Inspector. The first notification should be no later than 3 months from the date of the valuation request. After this updates should be sent at maximum intervals of three months.

Manager’s Review Box

This grid lists the date on which this valuation should next be seen by your manager. At present, the first review should occur 12 months after the date of the valuation request. Subsequent reviews should take place at least annually.

Closure Box

The grid is a reminder to valuers to check whether any useful information for example on a particular industry, or a company sale has been received on the file, before the file is closed down and sent to store.

General points

Any notations made on a letter should always be in pencil, not ink, in case the correspondence has later to be produced in evidence.

Any permanent notes should be made in ink on a separate sheet of paper.

Any submissions should be made on a piece of paper large enough to accommodate at least a brief reply.

Small pieces of flimsy paper should not be used for permanent notes or submissions in view of the probable loss or damage to the note.

Formal notations should always be retained on the file for future reference.