Post Transaction Valuation Checks
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on the form at least three months before the relevant tax return filing date.
The PTVC is a service offered by HMRC to check valuations after a disposal has been made, including a deemed disposal following a claim that an asset has become of negligible value but before the completion of a self-assessment return. This service is available to all taxpayers, individuals, trustees and companies.
If HMRC agrees with the valuations set out they will not question the use of those valuations in the return, unless there are any important facts affecting the valuations that have not been disclosed. Agreement to the valuations does not always mean that HMRC agree the gain or loss. When the return is filed, HMRC will consider the other figures used. If an agreement cannot be reached, HMRC will suggest alternatives such as using specialist valuers.
HMRC have updated the form used by taxpayers to request a post transaction valuation check (PTVC).
PTVC is a service offered by HMRC to check valuations after a disposal has been made but before the completion of a self assessment return. PTVC can also be sought for a deemed disposal following a claim that an asset has become of negligible value.
The revised form CG34, which is used for PTVCs now shows to which office the form should be sent. In most cases this is in Bristol but companies are advised to send the form to their local office. There are specific instructions for some other taxpayers too.