IHTM09242 - Ascertained values: when is a value `ascertained`?

A value is 鈥榓scertained鈥� when

  • the taxpayer and HMRC expressly agree a figure 鈥� so if the Valuation Office Agency (VOA) (IHTM23002) provides an agreed report (IHTM23147), the value of the property is 鈥榓scertained鈥�
  • we accept a value implicitly by accepting the tax on the value offered by the taxpayer: for example where the VOA provides an 鈥榓s returned鈥� (IHTM23144) report, or we collect the tax on a valuable chattel without expressly agreeing the value, or
  • the taxpayer claims loss on sale of land relief (IHTM33001), when the substituted value becomes the ascertained value.