Inheritance Tax Valuation
Probate, Inheritance Tax and Capital Gains Tax are inextricably bound up with each other, particularly in respect to residential property, which with a total value of £7.29 trillion represents a figure of considerable interest to the Chancellor of the Exchequer.
Establishing the accurate value of an estate is essential if IHT is to be minimised and it’s vital that you seek independent, professional advice about what any property which makes up an estate is valued at. The Inland Revenue and Valuation Office Agency are particularly vigilant about valuations which fall significantly below or above market value and will instigate investigations to recoup any money and possibly stipulate higher tax liabilities if it suspected that values have been under-reported.
A valuation by an estate agent, for example, is not sufficient for the purposes of probate, therefore, all valuations must be carried out by a qualified and experienced RICS surveyor who has knowledge of the local market and the authority to provide a compliant report. It’s vital that the executor of the will understands these legal and financial obligations and acts in accordance with the law.
If you need any assistance with the process of probate, including a valuation on a commercial property, or advice on being an executor, please contact the Symington Elvery team. Our experienced and highly-trained RICS surveyors can offer you up-to-date advice on valuations as well as recommendations for other professional advisors if required.