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 3 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 agreement cannot be reached, HMRC will suggest alternatives such as using a specialist valuer. The guidance has been updated to include details on the importance of submitting an estimated return if you are waiting on an CG34 valuation to meet the 30-day filing requirement.
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