Inheritance Tax and Probate

In order to advise clients effectively in relation to inheritance tax and probate, the valuer must understand the law which governs tax-based valuations. Statute and case law do not define exactly what information should be considered and this uncertainty can be an area of significant disagreement with HMRC. We have substantial experience of dealing with these issues and can provide reliable advice to assist clients through the complexities.

Inheritance Tax

Inheritance Tax (IT) can often be something left to sons and daughters to sort out, after their parents have died. Property is usually the most valuable asset that has been left to them in a will. If they sell the property immediately after it has come out of probate then the Inland Revenue will accept that price as evidence of market value at the date of death. However, if they decide to keep the property then they need a valuation certificate from a qualified VRS registered Chartered Surveyor to form the basis of the calculation for Inheritance Tax liability.

Probate

Of course, unless there has been suitable tax planning, the affairs of the estate can often be left in considerable confusion. On top of that, these valuations can also be technically difficult. That is where the personal and highly professional attention offered by CSD can pay dividends. For instance, we recently valued a part share in a GP’s surgery where documentary evidence, including the lease to the current tenant practice, was missing. In the end the confused affairs of the estate actually served to help reduce the valuation and the ultimate tax payable.

Executors of an Estate

There is a myriad of affairs to deal with after a bereavement. This can be a sudden and/or unexpected, distressing period for those concerned, particularly when the executors to an estate are family members of the deceased. To assist with the burden we can assist in providing a valuation that complies with the HMRC regulations.

Call CSD today and let us help you find a way through the sometimes tangled issues that can be involved in IT valuations for taxation purposes.

Call now for a chat now on 08081698881 or get in touch on our contact us page