TaxPersonal TaxRevenue launches new service to help companies get their capital gains right

Revenue launches new service to help companies get their capital gains right

The Inland Revenue has extended a service which allows individual taxpayers to get free valuation figures to help them calculate their capital gains tax 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.

This service was first set up in April 1997 under the new individual self assessment system to provide individuals taxpayers and trustees with checks on valuations they use to fill in their tax returns.

According to the Revenue, this service has proved very successful, enabling many taxpayers to reach early agreement on valuations and pay the right amount of tax on time.

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.

The form may be obtained from any Inland Revenue Enquiry Centre.

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