Capital Gains & Other Taxes Manual - Appendix 13 : Time Limits & Procedure

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REQUEST FOR A NOT NEGOTIATED VALUATION

REQUEST FOR AN AGREED VALUATION

APPENDIX 13 : Time Limits & Procedure

The following sets out procedures for the operation of time limits to ensure that an opinion of value is furnished to HMIT at the earliest opportunity. It is intended to be a guide for quick reference only and should be read in conjunction with the detailed instructions contained in Section 6 hereof.

REQUEST FOR A NOT NEGOTIATED VALUATION

Event

Time limit from date of receipt

Action

Receipt of case

Within 14 days

Consider if a "Not negotiated" valuation is inappropriate because of complexity of the case

Case identified as complex and justifying an agreed valuation

Within 28 days

Advise Inspector that case to be treated as request for an agreed valuation. Amend CRAC record. Follow "agreed valuation" procedure

Further information required or papers incomplete

Within 14 days

Return CG20 to Inspector with covering memo and cancel case

Sufficient information to proceed

Within 14 days

Acknowledge receipt of case and advise Inspector when it is likely to be reported

Progress reports

At 42 days from receipt and thereafter at 28 day intervals until reported

Advise Inspector of position

Report values

Within 42 days

Report on VO 1011.

REQUEST FOR AN AGREED VALUATION

Event

Time limit from date of receipt

Action

Papers incorrect or incomplete

Within 14 days

Return to Inspector with covering memo and cancel case

Papers complete

Within 14 days

Acknowledge receipt of case

Further information required from Inspector

Within 28 days

Information on extent of property or interest to be valued should be obtained from the Inspector. Return papers with memo and cancel case

No additional information required

Within 28 days

Advise taxpayers (agent) that case received and identify case worker

Information required from the taxpayer

Within 28 days

No reply after 28 days

Information relating to rights of occupation, onerous restrictions etc. Request may be included in letter to taxpayer (agent) advising of receipt of case.

Send reminder. If no reply within further 28 days send second reminder. If no reply after a further 28 days return papers to Inspector

Taxpayer provides information
OR sufficient information given by Inspector

Within 28 days of receipt of information
OR 42 days from receipt of case

Report ‘as returned’ or put opinion of value to taxpayer (agent)

No reply after 28 days

 

Send reminders at 28 day intervals

Negotiations

Reply to taxpayers letters within 28 days

Keep Inspector informed of progress every three months and endeavour to bring to a conclusion within 6 months of receipt of case

Agreement possible

Within 6 months

Report ‘agreed’ valuation to Inspector

Agreement not possible

Within 6 months

Issue ‘unagreed’ report to Inspector

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