BIM51615 | Builders, property dealers & developers: valuation: contentious appeal

Before making arrangements for a contentious appeal hearing before the First-tier Tribunal on a trading income valuation point, a report, accompanied by the file, should be made to Business Profits (Technical).

The report should set out:

• the amount of tax at stake as a result of the disputed valuation, and

• confirm that the principle of using open market value has been accepted by the taxpayer and that it is only the amount of the valuation which is in dispute.