Statement of Practice 1 (1999)
Published 6 April 1999
© Crown copyright 1999
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Self-assessment enquiries - Taxes Management Act (TMA) 1970 ss 9A, 12AC: enquiries remaining open after expiry of the period within which a notice of enquiry may be issued solely because of an unagreed valuation for Capital Gains Tax purposes. The following statement of practice applies where, in the case of an enquiry into a return made under TMA 1970 ss 8, 8A, 12AA:
- an officer of the Commissioners for HM Revenue and Customs (HMRC) has given notice under TMA 1970 ss 9A(1) or 12AC(1) of his intention to enquire into that return
- the enquiry remains open after the expiry of the period within which that notice had to be issued (‘enquiry period’)
- the enquiry remains open solely because of an unagreed valuation for Capital Gains Tax purposes
In such circumstances HMRC will not, as a matter of practice, raise further enquiries into matters unrelated to the valuation or the Capital Gains Tax computation unless the circumstances are such that, had the enquiry already been completed, an officer of the Commissioners for HMRC could have made a discovery within the meaning of TMA 1970 s 29. This practice applies only to valuations for Capital Gains Tax purposes in respect of individuals, partnerships and trusts.
This practice does not alter or fetter HMRC’s right to ask further questions or make additional enquiries on matters in connection with, or consequential to, the obtaining of the valuation which were not raised when the valuation was first referred to the Shares Valuation Division or the Valuation Office Agency.