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Veltema — fair or not?
The Court of Appeal judgment in Langham v Veltema [2004] STC 544 raised concerns that taxpayers could not be certain that the risk of a Revenue enquiry disappeared at the end of the 12-month enquiry period following the self assessment filing date of 31 January. The Revenue has subsequently developed guidance a summary of which follows.
Most taxpayers who use a valuation in completing their tax return and state in the additional information space at the end of the return that a valuation has been used by whom it has been carried out and that it was carried out by a named independent and suitably qualified valuer if that was the case on the appropriate basis will be able for all practical purposes to rely on protection from a later discovery assessment provided those...
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