Valuation | Croner-i Tax and Accounting

Agricultural tenancy, hypothetical purchaser

Case Law – Walton (Executor of Walton dec'd) v Inland Revenue Commissioners. [1996] BTC 8,015

Appointments and

Commentary – Tax Reporter ¶228-100

Appropriated assets

Commentary – Finney on Personal Representatives 9.7.2

Ascertained values

Commentary – Finney on Personal Representatives 13.2

Asset derives its value from land

Commentary – Tax Reporter ¶531-550

Assets

Case Law – Whitaker v. Cameron (H.M. Inspector of Taxes). [1982] BTC 244

Assets held on 6 April 1965

Legislation/Regulatory – TCGA92 Sch. 2, para. 17, Sch. 11, para. 6

HMRC Guidance – CG51641 ; CG59514

Assets held on 6 April 1965 time-limit for election

Legislation/Regulatory – SP D21

Assets pre-6 July 1973

Legislation/Regulatory – TCGA92 Sch. 11, para. 3-5

HMRC Guidance – SVM114030

Benefits-in-kind

– see Employee benefits

Calculation of taxable gains

Commentary – CGT and the Private Residence ¶40-210

Capital gains tax

Legislation/Regulatory – TCGA92 s. 272

Chargeable gains

Appeals

– see Appeals

Best price

Commentary – Tax Reporter ¶527-750

Buildings

Commentary – Tax Reporter ¶531-500

Client book, method for accountancy firms

Case Law – Wildin [2014] TC 03586

Goodwill in accounting practice, multiple of gross recurring fees as basis

Case Law – Wildin [2014] TC 03586

Hypothetical purchaser

Commentary – Tax Reporter ¶527-600

Case Law – In re Lynall deceased Lynall and Another v. Commissioners of Inland Revenue

Hypothetical vendor

Commentary – Tax Reporter ¶527-550

Case Law – In re Lynall deceased Lynall and Another v. Commissioners of Inland Revenue

Ignored restrictions

Commentary – Tax Reporter ¶527-700

Land

Commentary – Tax Reporter ¶531-500

Land subject to tenancy

Case Law – Henderson (H.M. Inspector of Taxes) v. Executors of David Karmel (deceased). [1984] BTC 330

Negligible values

– see Negligible value assets

Occasions when valuation is not required

Commentary – Tax Reporter ¶527-250

HMRC Guidance – IHTM09243

Reasonable prudence

Commentary – Tax Reporter ¶527-650

Shares, calculation of market value

Case Law – Marks v Sherred (HMIT) (2004) Sp C 418

Shares, date of death

Case Law – Clark (Executor of Clark dec'd) v Green (HMIT) (1995) Sp C 5

Shares, inclusion of goodwill

Case Law – Denekamp v. Pearce (HM Inspector of Taxes). [1998] BTC 413

Special purchaser

Commentary – Tax Reporter ¶527-800

HMRC Guidance – SVM113070

Case Law – Hawking–Byass & Anor v Sassen (HMIT); Hawking–Byass v MacLaren (HMIT) ; In re Lynall deceased Lynall and Another v. Commissioners of Inland Revenue

Unquoted shares, costs of appeal

Case Law – Couch (HM Inspector of Taxes) v. Caton's Administrators. [1997] BTC 360 ; Couch (HM Inspector of Taxes) v Caton's Administrators. [1996] BTC 114

Valuation required for

Commentary – Tax Reporter ¶527-050

Companies, compliance costs

Legislation/Regulatory – SP C10

Death

Pre-31 March 1973

Legislation/Regulatory – TCGA92 Sch. 11, para. 8

Principle in Gray v IR Commrs

Legislation/Regulatory – IRInt. 145

Devaluation of sterling

Foreign insurance funds

Legislation/Regulatory – TCGA92 Sch. 11, para. 14

Securities acquired with borrowed foreign currency

Legislation/Regulatory – TCGA92 Sch. 11, para. 13

Discounts

Commentary – Finney on Personal Representatives 8.7.3

Dwelling house, removal of conservatory by assignees of lease

Case Law – Buckland v Butterfield & Anor. [2008] BTC 7,003

Employment-related securities, disposal for more than market value

Case Law – Gray's Timber Products Ltd v Revenue and Customs Commissioners. [2009] BTC 589 ; Grays Timber Products Ltd v Revenue and Customs Commissioners. [2010] BTC 112

Enterprise management incentive shares

Commentary – Tax Reporter ¶466-960 ; Tax Reporter ¶466-980

Estate duty

Legislation/Regulatory – TCGA92 Sch. 11, para. 9

Estimated valuations

Commentary – Finney on Personal Representatives 8.7.4 Finney on Personal Representatives 8.7.5

Ethane, petroleum revenue tax

Case Law – R. v. Attorney-General, ex parte Imperial Chemical Industries PLC. [1986] BTC 8,015

Exchange control restrictions pre-13 December 1979

Legislation/Regulatory – TCGA92 Sch. 11, para. 7

Expenses relief

Commentary – Tax Reporter ¶533-900

HMRC Guidance – CG15260

Farm stock and crops etc.

Commentary – Tax Reporter ¶271-850

For IHT purposes

Commentary – Finney on Personal Representatives 8.7

Generally

Commentary – Tax Reporter ¶527-000

Gifts and transactions between connected persons pre-20 March 1985

Legislation/Regulatory – TCGA92 Sch. 11, para. 2

HMRC Guidance – CG51641

Gifts holdover relief

Legislation/Regulatory – SP 8/92

Gifts of business assets

Commentary – Quick Overview ¶15400

HMRC comments

Commentary – Finney on Personal Representatives 8.7.4

Household and personal goods

Commentary – Finney on Personal Representatives 8.7.4

IHT binding for CGT, values ascertained for

Commentary – Tax Reporter ¶527-400

HMRC Guidance – IHTM09241

Income tax on employment income

Commentary – Tax Reporter ¶527-150

HMRC Guidance – ERSM20500

Inheritance tax

– see also Valuation for inheritance tax

Agricultural property relief

Commentary – Quick Overview ¶16735

Assets forming part of estate, free movement of capital

Case Law – Jäger v Finanzamt Kusel-Landstuhl (Case C-256/06). [2009] BTC 8,112

Business property relief

Commentary – Quick Overview ¶16820 ; Quick Overview ¶16825

Estimated property valuation, executor acting in accordance with accepted principles

Case Law – Robertson v IR Commrs (2002) Sp C 309

Freehold and tenancy interest in land

Case Law – Inland Revenue Commissioners v. Gray (Executor of Lady Fox deceased). [1994] BTC 8,034

Generally

Commentary – Quick Overview ¶17000

Legislation/Regulatory – TCGA92 s. 274

Limitation period, location of centre of company management

Case Law – Halley & Ors v Belgium (Case C-132/10). [2013] BTC 268

Reserved rights of life annuity

Case Law – Bower & Anor (Executors of Bower dec'd) v. R & C Commrs (2008) Sp C 665 ; Revenue and Customs Commissioners v Executors of the Estate of Bower & Ors. [2009] BTC 8,106

Unit trusts, value of holding at date of death

Case Law – Lee & Anor (Executors of CE Lee) v IR Commrs (2002) Sp C 349

Unquoted shares and securities

Case Law – Inland Revenue Commissioners v. Stenhouse's Trustees. [1992] BTC 8,017

Land

Commentary – Finney on Personal Representatives 8.7.4

Land subject to tenancies

Commentary – Tax Reporter ¶531-750

Land, capital gains tax

Legislation/Regulatory – TCGA92 Sch. 2, para. 10

Livestock

Commentary – Tax Reporter ¶271-850

London Stock Exchange references pre-25 March 1973

Legislation/Regulatory – TCGA92 Sch. 11, para. 7

Of assets on death

Commentary – Finney on Personal Representatives 8.7 Finney on Personal Representatives 13.2

Part disposal of land

Commentary – CGT and the Private Residence ¶40-215

Pension scheme excess assets

– see Retirement benefit schemes

Permitted area

Commentary – CGT and the Private Residence ¶40-220

Petroleum revenue tax

Crude oil

Commentary – Tax Reporter ¶796-200

Gas

Commentary – Tax Reporter ¶796-300 ; Tax Reporter ¶796-350

Light gases post-1 January 1994

Commentary – Tax Reporter ¶796-400

LPG and condensate

Commentary – Tax Reporter ¶796-250

Offshore fields, valuation point

Commentary – Tax Reporter ¶796-450

Onshore fields, valuation point

Commentary – Tax Reporter ¶796-450

Property

Legislation/Regulatory – CRCA2005 s. 10

Quoted shares and securities

Quoted option

Commentary – Tax Reporter ¶528-650

Special circumstances

Commentary – Tax Reporter ¶528-550

Case Law – Hinchcliffe (H.M. Inspector of Taxes) v. Crabtree

Statutory rule

Commentary – Tax Reporter ¶528-500

Unit trust

Commentary – Tax Reporter ¶528-600

Real estate investment trusts

Commentary – Tax Reporter ¶788-140

Related property

Commentary – Finney on Personal Representatives 8.7.2 Finney on Personal Representatives 8.7.3 Finney on Personal Representatives 13.2

SAYE share option schemes

Commentary – Tax Reporter ¶470-600

Self-assessment enquiries, unagreed capital gains tax valuations

Legislation/Regulatory – SP 1/99

Series of transactions

– see Series of transactions

Servant's houses

Commentary – CGT and the Private Residence ¶30-340

Shares, recognised stock exchange

Legislation/Regulatory – FA2007 Sch. 26, para. 4 ; TCGA92 s. 272

Single simple transaction

Commentary – Tax Reporter ¶527-350

Stock

Change of method, inspector's refusal to apply practice statement

Case Law – R v. Inland Revenue Commissioners, ex parte SG Warburg & Co Ltd. [1994] BTC 201

Change of persons carrying on trade, stock relief

Case Law – Inland Revenue Commissioners v. Watson and Philip Limited. [1984] BTC 286

Tax on trading transactions

Commentary – Tax Reporter ¶527-200

Tenancies

Commentary – Tax Reporter ¶531-800

Time-limit, company leaving a group

Legislation/Regulatory – SP D21

Trading stock

Change from one valid method to another

Commentary – Quick Overview ¶5705

Continuing business

Commentary – Quick Overview ¶5700

Discontinuance of trade

Commentary – Quick Overview ¶5710

Transitional provisions

Legislation/Regulatory – TCGA92 Sch. 11, para. 10

Unquoted securities

Legislation/Regulatory – TCGA92 s. 273

Unquoted shares and securities

50 percent holdings

Commentary – Tax Reporter ¶529-300

Costs of appeal

Case Law – Administrators of the Estate of Caton dec'd v Couch (HMIT) (1995) Sp C 6 ; Couch (HM Inspector of Taxes) v Caton's Administrators. [1996] BTC 114

Determination

Case Law – Administrators of the Estate of Caton dec'd v Couch (HMIT) (1995) Sp C 6 ; Couch (HM Inspector of Taxes) v Caton's Administrators. [1996] BTC 114

Fixed interest

Commentary – Tax Reporter ¶529-800

Influential minority holdings

Commentary – Tax Reporter ¶529-250

Information available to the purchaser

Commentary – Tax Reporter ¶529-050

HMRC Guidance – SVM114020

Case Law – Administrators of the Estate of Caton dec'd v Couch (HMIT) ; Clark (Executor of Clark dec'd) v Green (HMIT) ; In re Lynall deceased Lynall and Another v. Commissioners of Inland Revenue

Inheritance tax, open market value

Case Law – Inland Revenue Commissioners v. Stenhouse's Trustees. [1992] BTC 8,017

Lack of marketability

Commentary – Tax Reporter ¶529-550

Majority holdings

Commentary – Tax Reporter ¶529-350

Minority holding

Case Law – Mr Cash & Carry v HM Inspector of Taxes (1997) Sp C 148

Minority holdings

Commentary – Tax Reporter ¶529-200

Non-voting shares

Commentary – Tax Reporter ¶529-500

Pre-emption rights

Commentary – Tax Reporter ¶529-700

Preference shares

Commentary – Tax Reporter ¶529-850

Quasi-partnerships

Commentary – Tax Reporter ¶529-900

Restrictions imposed by company's articles

Commentary – Tax Reporter ¶529-600

Shareholders' agreements

Commentary – Tax Reporter ¶529-750

Small minority holdings

Commentary – Tax Reporter ¶529-150

Statutory fiction

Commentary – Tax Reporter ¶529-000

Transfer of shares, restriction

Commentary – Tax Reporter ¶529-650

Value factors

Commentary – Tax Reporter ¶529-960

Voting power

Commentary – Tax Reporter ¶529-100

Work in progress

– see also Valuation of work in progress

Generally

Commentary – Quick Overview ¶5700

Work-in-progress

– see Work-in-progress