Probate & Inheritance Tax Valuations

When faced with the loss of a loved one, the list of affairs you have to deal with can seem overwhelming. HMRC demand a full and accurate valuation of the deceased’s property and contents in order to levy inheritance tax. Our Probate Valuation Service involves inspecting and assessing all the assets within the estate, including property, land, and personal possessions, and calculating their market value on the date of death. The valuation process can be complex and involved and so we offer our services compassionately as a trusted partner to provide an accurate valuation and liaise with HMRC on your behalf. We are a team you can rely on at a difficult time, giving you the space you need to go through the grieving process in your own way.

Yes. It is essential that the Inheritance Tax Valuation is conducted by a qualified Chartered Surveyor, as HMRC requires the report to comply with their stringent regulations and standards. Any errors or inaccuracies can result in a tax investigation or financial penalties for the estate. Accurate figures hold significant importance as HMRC will conduct its own valuation with a particular focus on high value items such as properties, antiques, clocks, watches, paintings and specialist collections. These assets need to be balanced against outstanding debts, which includes bank account overdrafts, credit card bills, mortgages, household bills and unpaid taxes. The existence of trusts, charitable donations and jointly owned property also needs to be considered, and further complicates the matter of arriving at definitive value. If the estate’s value exceeds the current threshold of £325,000, then inheritance tax is levied at a rate of 40% on the value of the estate above the threshold. HMRC must be satisfied with the true value of the estate's assets and the tax liabilities before grant of probate can be obtained.