Posted on 9th February, 2022
Inheritance Tax Valuations in Sussex / Probate Valuations in Sussex
Here at Julian Wilkins & Co. Chartered Surveyors we carry out residential property valuations for many different purposes.
One type of valuation service we offer is for Inheritance Tax Purposes. This is sometimes referred to as a ‘probate’ valuation.
When an individual passes away, the legal process of dealing with their assets is known as ‘probate’. This is usually dealt with by the executors who follow the wishes laid out in the deceased’s will.
As part of the assessment for inheritance tax liability, any property such as houses and flats etc. will often need to be valued and the valuation submitted to HMRC as part of the Estate assessment (value of property, possessions and money).
Any property will need to be valued based on the statutory definition for Market Value for inheritance tax purposes as defined in Section 160 of the Inheritance Tax Act 1984. The valuation will also have to comply with the Professional Standards of the RICS ‘Red Book’. Any surveyor who undertakes an Inheritance Tax Valuation will have to be a RICS Registered Valuer.
Information about who undertakes the valuation will also have to be submitted. It will have to be stated whether the probate valuation / Inheritance Tax valuation has been undertaken by an estate agent or a qualified surveyor.
An Inheritance Tax valuation / probate valuation undertaken by a RICS surveyor must adhere to the standards of the RICS Red Book, relevant case law and the relevant legislation: The Inheritance Tax Act 1984.
By employing a RICS Registered Valuer to provide you with an Inheritance Tax valuation / probate valuation, it is less likely that HMRC will challenge the valuation. Sometimes queries from the HMRC district valuer do come up, in these instances we, as RICS Registered Valuers and experts in residential valuation, are placed in a stronger position to deal with these. We are also well placed to act on a client’s behalf if negotiations with HMRC are involved.
More information about Inheritance Tax valuations / probate valuations can be found at https://www.gov.uk/valuing-estate-of-someone-who-died
If you need any more information about an Inheritance Tax valuation / probate valuation please contact us on 01903 892211 or by email at firstname.lastname@example.org. One of the team will be happy to discuss your individual circumstances with you.