ABSTRACT
In the capital taxation sphere, the focus of this chapter, the most common valuations are for Inheritance Tax, but they may also be required for Capital Gains Tax, or Corporation Tax where a company disposes of an asset and SDLT on property transactions. However, for Inheritance Tax purposes the value to be assessed is the Landlord's investment. However, a comprehensive description will help to justify the approach taken to the valuation and answer many of the questions which may otherwise be raised by either the Valuation Office or the snappily named Inheritance Tax, Trusts and Pensions department at HMRC, previously known as the Capital Taxes Office. However, the doctrine which emerged from Rosser and, before it, Starke, to retain sufficient land with the house to secure APR on the farmhouse has remained with those professionals involved in this work ever since.
