Land transaction

11 June 2013

Issue: 4406 / Categories: Forum & Feedback , Capital Gains

Shortly before the self-assessment tax return filing deadline, a client gave notification that a land transaction had taken place. A form CG34 was submitted, but HMRC are refusing to carry out a post-transaction valuation check

At a very late stage one of our clients supplied information concerning a land transaction for the 2012 tax return. It then came to light that this was a connected transaction. Under the circumstances a form CG34 was submitted to HMRC on 26 January 2013 with the relevant information.

In the meantime on the client’s 2012 return a note was inserted on the capital gains tax pages that CG34 has been submitted for a valuation check and if necessary the computation would be amended. The self-assessment tax return was filed on 27 January 2013.

HMRC are refusing to carry out a post-transaction valuation check. This is on the grounds that the request had not been submitted two months prior to the submission of the return. Consequently they say that the matter can now only be dealt with on an enquiry basis under the...

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