Post-transaction valuation checks
for capital gains
CG34 Page 1 HMRC 01/19
When to use this form
When working out your Capital Gains Tax liability or, for
companies, your Corporation Tax liability on chargeable gains,
you may have to value assets.
If you use such valuations, we offer a free service to help you
complete your Self Assessment tax return. You can ask us to
check valuations after you’ve made the disposal, including a
deemed disposal following a claim that an asset has become
of negligible value, but before you make your return. This
service is available to all taxpayers, individuals, trustees and
companies. If you want to use this service, please complete
this form and send it to us at least 3 months before your
filing date.
If we agree your valuations we’ll not question your use
of those valuations in your return, unless there are any
important facts affecting the valuations that you’ve not told
us about. Agreement to your valuations does not always
mean that we agree the gain or loss. When you make your
return we’ll consider the other figures you’ve used.
If we cannot agree your valuations we’ll informally suggest
alternatives. We use specialist valuers to value some assets,
mainly shares, land, goodwill and works of art. You’ll also
be able to discuss your valuations with our valuers. You still
need to file your return by your filing date even if we’ve
been unable to agree your valuations or suggest alternatives.
Your return must also tell us about any valuations that we’ve
checked but have been unable to agree.
If we cannot reach agreement on any valuations you use in
your return and/or the filing date is reached, we may enquire
into your return. Under enquiry rules you would have the
right to appeal to an independent tribunal.
How to get your valuations checked
You’ll need to complete form CG34 for each valuation you
want us to check. You can get additional forms CG34 from
our website. Go to www.gov.uk and search for ‘CG34’. Send
the completed form(s) to us together with the information
we’ve asked for. You can also send us any other information
that will help us understand your valuations. Please note
that you must send us your form at least 3 months before
your filing date.
If you do not give us all the information we’ve asked for
on the form(s), we may be unable to check your valuations.
You can find more information on capital gains reliefs and
losses on our website. Go to www.gov.uk and search for
‘Capital Gains Tax’.
How long it will take
You should allow at least 3 months for us to check the
valuation. If you do not send us form CG34 and the
information we require more than 3 months before your
filing date, we’ll not have sufficient time to check the
valuation and your request will not be processed.
We’ll contact you as soon as possible after you send in this
form. However, checking valuations can sometimes be a
difficult and lengthy process, especially if we need to ask
for more information. We recommend that you contact us
as soon as possible after making the disposal, so you’ll have
more chance of getting a valuation before you need to send
in your tax return.
Application for post transaction valuation check
Please complete all relevant questions and send this form to the HMRC office on page 3.
Do not send this form to any of our Valuation Offices.
About the taxpayer
1
Name
2
Address
Postcode
3
Unique Taxpayer Reference (UTR)
4
National Insurance number if applicable
5
Agent’s details
Name
Address
Postcode
Reference
