Inheritance tax manual - Appendix 14: Form VO 1110 - final report

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Appendix 14: Form VO 1110 - final report

All material amended

Final Report

Inheritance tax
Taxpayer: *

My case in respect of this matter has now been closed and my report is as follows:-

Part 1(a)

I am of the opinion that the value transferred at the date of transfer is £*
*i) *As returned *Returned at £*
*Increase *Decrease £*
*ii) No comparable figure returned
*iii) and the value of qualifying trees and underwood growing on the land has been excluded
*iv) and that the value attributable to the relevant business property is £*
*v) and that the value apportioned to that part of the property which is used exclusively for business purposes is £*
*vi) and that the value transferred excluding the value of the *insurance policy/*right of action is £*
*vii) The value has been agreed with *
*viii) Unagreed (IR(CT) has asked for the case to be closed)

*Part 1(b)

Circumstances do not warrant further investigation of this matter

*ix) because IR(CT) has asked for the case to be closed.
*x) because the value transferred does not exceed the tax threshold.
*xi) because 100% Agricultural Relief is available in respect of the whole property and there is no difference between the agricultural value and the market value.
*xii) because 100% Business Relief is available in respect of the whole property.

*Part 2

The value of the property transferred is as follows:

Item No

Address/Description

Agricultural Value
£

Open Market Value
£

*

*

*

*

*xiii) The values of Items No * have been agreed with *.

Item No

Sale Price
£

Date of Completion

*

*

*

*xiv) I am not aware of any changes requiring adjustment of the sale price under s 193(2) IHTA 1984 and Fall-in-Value Relief may be applicable

*Part 4

The parties *have *have not been advised that the papers have been returned to IR(CT).

*xv) They have also been advised that the values attributable to the several items are not necessarily agreed.

*
District Valuer

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