Capital gains: post transaction valuation check
- HMRC offers a post transaction valuation check (PTVC) to all taxpayers.
- When HMRC has agreed the valuation of an asset following a PTVC it will not challenge the use of that valuation in a capital gains calculation in a tax return.
When?
The taxpayer can only apply for a PTVC:
- after the date of the disposal relevant to capital gains tax (or for companies, to corporation tax); and
- before the date by which the taxpayer has to complete the self assessment tax return.
HMRC expects to take at least 56 working days to deal with any application and therefore all applications for a valuation check should be submitted at least two months before the tax return filing deadline.
How?
To apply to have a valuation checked the taxpayer should complete form CG34 Application for post transaction valuation check.
HMRC will check the details on the CG34 and let the taxpayer know if it:
- accepts the value provided; or
- requires further information; or
- suggests an alternative value.
Full details about the process are on the Shares and Assets valuation page on the HMRC website and on the CG34 form.
Where to send the CG34 form?
Individual taxpayers dealt with by HMRC’s High Net Worth Units, Trust Offices or Public Department 1 should send the completed CG34 to those offices.
Other individuals, partnerships and personal representatives should send the completed form direct to the Capital Gains Team in Cardiff at:
The Capital Gains Team (Individuals & Public Bodies)
16 West Government Buildings
Ty Glas Road
Llanishen
Cardiff CF14 5FP
