Home 5 Capital Gains Tax 5 Post Transaction Valuation Checks

Post Transaction Valuation Checks

18 April 2024

The Post Transaction Valuation Check (PTVC) from HMRC helps individuals and companies calculate their tax liabilities. The service checks valuations after a disposal, including deemed disposals. HMRC won't question agreed valuations, but agreement doesn't guarantee acceptance of gain or loss. Specialist valuers may be suggested if no agreement is reached.

Individuals and companies can request a Post Transaction Valuation Check (PTVC) from HMRC to calculate their capital gains tax or corporation tax liability on chargeable gains. You should make this request using the CG34 form. According to HMRC’s guidance, you need to complete and send the form to the specified address at least three months before the tax return filing date.

HMRC offers the post transaction valuation check service to check valuations after making a disposal. This includes a deemed disposal after claiming an asset has become of negligible value, but before completing a self-assessment return. All taxpayers, including individuals, trustees, and companies, can avail of this service.

HMRC will not question the valuations in the return if they agree with them, unless undisclosed important facts affect the valuations. However, agreeing to the valuations doesn’t always mean HMRC agrees with the gain or loss. HMRC will consider the other figures used when filing the return. If they can’t reach an agreement, HMRC will suggest alternatives like using specialist valuers.

Understanding the post transaction valuation check process is crucial for managing your tax liabilities effectively. It’s not just about compliance, but also about ensuring you’re paying the right amount of tax. By using the PTVC service, you can gain confidence in your tax calculations and avoid potential disputes with HMRC. Remember, accurate tax calculations contribute to a smoother tax filing process and a more efficient tax system. So, take advantage of the PTVC service and make your tax management process easier and more reliable.

Source: HM Revenue & Customs Tue, 16 Apr 2024 00:00:00 +0100

You may also like these

Here are some more articles that might interest you

Expert Advice

If you’d like more information on anything you’ve read, we’re here and happy to help