Member Since: 30th Oct 2018
Private family office.
12th Aug 2019
To use historical cost as the basis for valuation would be fine and potentially a very usual practice here - as long as all assets of that class are treated the same way.
Initially, no this would not give rise to any VAT being due on the transfer.
That being said, when your client would like to revalue them to reflect current market value (no reason to do this unless they are looking to perhaps take on leverage against the assets) they will have to disclose a change in accounting policy in the annuals and there will be a large revaluation and therefore a deferred tax liability on the balance sheet from then on if only revalued and not sold onward at that time.