Taxes Management Act 1970 section 111

Valuation of assets: power to inspect

Section 111 has been repealed and its provisions replaced by the information and inspection powers introduced under Finance Act 2009, Schedule 48.

• Section 111 previously granted HMRC the power to inspect assets for the purpose of ascertaining their value for tax purposes.
• This power was relevant where the valuation of property or other assets was needed to determine a person's tax liability.
• The section was repealed and replaced by modernised inspection powers under the Finance Act 2009, Section 96 and Schedule 48.
• The new framework consolidates HMRC's information-gathering and inspection powers into a single, updated regime.

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