A freeview 'At glance' guide to post-transaction valuation checks.

What is a post valuation transaction check? When and how can I apply for one?

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).
  • Before the date by which the taxpayer has to complete the Self Assessment tax return.

HMRC have extended the amount of time it expects to take to deal with any application to 84 days and therefore all applications for a valuation check should be submitted at least three months before the tax return filing deadline. 

Where a PTVC has been requested for a UK residential property and a response is not received in time to meet the 30-day reporting and payment deadline, an estimated return should be filed. Once the PTVC response has been received, the return should be amended.

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.
  • Requires further information.
  • 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, or Public Department 1 should send the completed CG34 to those offices.

Those dealt with by Specialist Trust Offices should send their forms to:

Specialist PT Trusts and Estates Trusts
SO842
Ferrers House
Castle Meadow
Nottingham
NG2 1BB

Other individuals, partnerships and personal representatives should send the completed form direct to:

PAYE and Self Assessment
HM Revenue and Customs
BX9 1AS

Companies should send to the office dealing with the company corporation tax affairs or if they do not have one, to:

Corporation Tax Services
HM Revenue and Customs
BX9 1AX


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