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 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. 

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, or Public Department 1 should send the completed CG34 to those offices.

Those dealt with by Trust Offices, other individuals, partnerships and personal representatives should send the completed form direct to:

HM Revenue and Customs
P and CGT Compliance
S0889
Newcastle
NE98 1ZZ

Companies should send to the office dealing with the company corporation tax affairs.