When someone dies it is often necessary to have a valuation of the Estate in order to assess whether Inheritance Tax is payable or not. This includes valuations of properties which form part of the Estate.
Inheritance Tax Valuations
The valuations are taken as at the date of death and are carried out by a chartered surveyor whose report can be submitted to the Probate Court, along with other appropriate documentation. Whilst estate agents are sometimes asked to provide these valuations, the Probate court requires a formal valuation rather than a marketing appraisal. In addition HM Revenue & Customs are becoming increasingly vigilant about these valuations.
Failure to provide a correct valuation can lead to penalties imposed by HM Revenue & Customs in addition to the unpaid Inheritance Tax. A professional valuation by a chartered surveyor is strongly recommended.
For more information please contact the Survey and Valuations team.