Capital Taxation Level 3 Flashcards
How did you apportion the appropriate areas for the private residence relief?
What do you provide HMRC based on desktop valuations versus valuations based on inspection?
Both desktop valuations and valuations based on inspection result in the type of valuation report being sent, if our opinion of value based upon desktop research is significantly different to the returned value then we tend to inspect.
What was the result of the Share value compared to the original value returned?
The share value was slightly above the returned value.
Why was a 10% reduction based on vacancy allowable?
This 10% allowance is standard practice within the valuation office.
How did you convey your reasoned advice to HMRC?
I conveyed my reasoned advice in the form of a report and requested that any questions are asked in order to clarify anything.
