Red Book UK National Supplement Flashcards
When was the Red Book UK National Supplement published and from when it is effective?
It was published on 19 October 2023 (reissued December 2023) and is effective from 1 May 2024.
What is the UK PS 1? Is it mandatory?
Compliance with valuation standards within the UK jurisdiction.
* Mandatory.
* Members must ensure compliance with UK law.
What is the UK VPS 1? Is it mandatory?
Terms of engagement (scope of work) and reporting:
Red Book compliance.
* Mandatory.
What is the UK VPS 2? Is it mandatory?
Terms of engagement (scope of work): supplementary
provisions in Scotland.
* Mandatory.
What is the UK VPS 3? Is it mandatory?
Regulated purpose valuations: supplementary
governance requirements.
* Mandatory.
* Apply to the valuation of real estate for regulated purposes.
* UK VPS 3.1 Exclusion of certain properties.
* UK VPS 3.2 Disclosures.
* VPS 3.3 Rotation policy.
* UK VPS 3.4 Terms of engagement and instructions.
* UK VPS 3.5 Preliminary advice, draft reporting, and client discussions.
What does PS mean?
Professional Standards
What does VPS mean?
Valuation Technical and Performance Standards
What does VPGA mean?
Valuation Practice Guidance Applications
What is the UK VPGA 1?
Valuation for financial reporting
What is the UK VPGA 2?
Valuations for other regulated purposes
What is the UK VPGA 3?
Valuations for assessing adequacy of financial resources
What is the UK VPGA 4?
Valuation of local authority assets for accounting purposes
What is the UK VPGA 5?
Valuation of central government, devolved administration and NHS assets for accounting purposes
What is the UK VPGA 6?
Local authority and central government accounting: existing use value (EUV) basis of value
What is the UK VPGA 7?
Valuation of registered social housing providers’ assets for financial statements
What is the UK VPGA 8?
Valuation of charity assets
What is the UK VPGA 9?
Relationship with auditors
What is the UK VPGA 10?
Valuation for commercial secured lending purposes
What is the UK VPGA 11?
Valuation of UK residential property
What is the UK VPGA 12?
Valuation of residential property for miscellaneous purposes
What is the UK VPGA 13?
Residential secured lending guidance for other related purposes including RICS HomeBuyer Service
What is the UK VPGA 14?
Valuation of registered social housing for loan security purposes
What is the UK VPGA 15?
Valuations for Capital Gains Tax, Inheritance Tax, Stamp Duty Land Tax, the Annual Tax on Enveloped Dwellings and Residential Property Developer Tax
What is the UK VPGA 16?
Valuations for compulsory purchase and statutory compensation
What is the UK VPGA 17?
Local authority disposal of land for less than best consideration
