Following the success of the free valuation service provided by the Inland Revenue to help individuals and trustees complete their Self Assessment returns correctly, this service is now being extended to companies. From today companies may send valuations used in computing their capital gains to their Inland Revenue office for checking before they make their Corporation Tax Self Assessment tax returns.
1. From today companies will be able to ask their Inland Revenue office to check valuations used to compute their capital gains for the purpose of completing their Corporation Tax Self Assessment returns.
2. This extends a service set up in April 1997 under the new Self Assessment system to provide individuals taxpayers and trustees with checks on valuations they use to fill in their tax returns. This service has proved very successful, enabling many taxpayers to reach early agreement on valuations and pay the right amount of tax on time.
3. To use the new service companies should send form CG34, with full information about the transactions to which the valuations relate, and together with any relevant computations, to their Inland Revenue office. The guidance notes on form CG34 set out all the information and documents which need to be provided.
4. Forms CG34 may be obtained from any Inland Revenue Enquiry Centre, or Inland Revenue office, or from the Inland Revenue Information Centre, Bush House, South West Wing, Strand, London WC2B 4RD.
NOTES FOR EDITORS
1. In certain circumstances assets have to be valued for the purpose of computing capital gains. This applies, for example, in determining the acquisition cost of assets held at 31 March 1982.
2. Corporation Tax Self Assessment applies to company accounting periods ending on or after 1 July 1999.