|
|
Values agreed or determined.
|
12.—(1) Where an accountable person has furnished all the information necessary to enable the Commissioners to ascertain the market value of real property or of shares which are not dealt in on a stock exchange comprised in the taxable wealth of an assessable person on a valuation date and, pursuant to an application in writing to the Commissioners in that behalf, the market value of such property on that valuation date is agreed on between the person and the Commissioners, the value so agreed on shall be treated for the purposes of this Act as the market value of such property in the hands of that assessable person on that valuation date and on the two valuation dates next following that valuation date:
|
|
| |
Provided that the market value so agreed shall not be binding in any case where there is failure to disclose material facts in relation to any part of the taxable wealth of the assessable person or where at any time before the third of the valuation dates—
|
|
| |
(a) in the case of real property, there is any change in the tenure under which the property is held, or let, or any change whatever, whether affecting that or any other property, which would materially increase or decrease the market value over and above any increase or decrease which might normally be expected if such change had not occurred, or
|
|
| |
(b) in the case of such shares, there is any alteration in the capital or the ownership of the capital of the company concerned or of the rights of the shareholders inter se or there has been a material change in the assets of the company or in their market value over and above any such change which might normally be expected,
|
|
| |
and, in such cases, the market value of the real property or of such shares may be ascertained again by the Commissioners for each of the relevant valuation dates.
|
|
| |
(2) Where an accountable person has furnished all the information necessary to enable the Commissioners to ascertain the market value of any property on a valuation date and has paid the tax due on that date in respect of the property, that person may apply to the Commissioners not less than two years after the date of the assessment under this Act pursuant to which the said payment was made for a determination of the market value of such property or any part thereof on that valuation date and thereupon the Commissioners shall, as soon as may be, determine that value and the market value thus determined shall, for all the purposes of this Act, be the market value of the property concerned on that valuation date and shall, subject to the provisions of section 23 or 24, be final.
|
|
| |
(3) Any agreement or determination made under this section in respect of any property comprised in the taxable wealth of an assessable person shall be binding only on that person and on all persons who are accountable persons in relation to tax payable by that assessable person as such.
|
