SP 2/00 of 2000 specifies how gross assets are to be valued for tax. The basic rule is that they are included at the value shown in the balance sheet. No liabilities are deducted.
The balance sheet must have been drawn up in accordance with normal accounting principles and in the same manner as previous balance sheets.
Where the assets include shares or other securities, these should be valued as accurately as possible. Similarly trade debtors should be included at their actual value if this can be readily ascertained. It is not acceptable to use figures from the last balance sheet if more recent figures are available.
[2000]