EIM08002 | Employment income: transfer of real property to employees: consulting the Valuation Office Agency

In a case where property is transferred to a director or employee (see EIM08001) the request to the Valuation Office Agency (VOA) should:

• identify the land to be valued

• state that the request is for an informal valuation for the purposes of a potential income tax liability on employment income

• specify the date at which the valuation is required

• name the employer and director or employee concerned

• specify the precise interest to be valued, for example “freehold interest subject to rights of occupation by …”

• give details (if known) of the date of purchase of the land by the employer and its original cost price to him

• attach a copy of any tenancy agreement or licence to occupy in force immediately prior to the sale to the director or employee and

• state the consideration paid (if any) by the director or employee to the employer.

See CG74300 for the process in making a referral to the Valuation Office Agency.

See EIM08003 for what to do when the VOA’s report is received.