Market Leaders in Probate & Inheritance Tax Valuations
Our team of RICS Registered Valuers understand the importance in ensuring that the estate’s assets are valued accurately and in compliance with HMRC’s regulations. Our attention to detail will provide the necessary assurance to the estate’s beneficiaries and ensure that the Inheritance Tax liability is calculated correctly and in a timely manner. This is why Solicitors and Executors are instructing us over and over again.
The purpose of an Inheritance Tax Valuation is to determine the amount of Inheritance Tax that is due on the estate, which must be paid to HM Revenue and Customs (HMRC) before the estate can be distributed to the beneficiaries. The RICS valuation report we prepare will be submitted to HMRC as part of the Inheritance Tax Return, which is required to be filed within a set period following the date of death.
House Valuation for Probate
Dealing with the loss of a loved one can be overwhelming, and managing the associated affairs can add further stress. HMRC requires a full and accurate valuation of the deceased’s property and contents to assess inheritance tax. Our Probate Valuation Service ensures this process is handled with care and precision.
We specialise in:
- Inspecting and assessing all assets within the estate, including property, land, and personal possessions.
- Calculating the market value of these assets as of the date of death.
- Offering compassionate support during a difficult time, allowing you space to grieve.
- Providing reliable and accurate valuations to ensure full compliance with HMRC regulations.
- Acting as a trusted partner in liaising with HMRC on your behalf, avoiding disputes and delays.
You can rely on our team to manage this process efficiently, so you can focus on what matters most.
Yes, it is crucial that the Inheritance Tax Valuation is carried out by a qualified Chartered Surveyor, as HMRC requires the valuation report to meet their strict standards and regulations. Any inaccuracies or errors could result in a tax investigation or financial penalties for the estate.
Key points to consider include:
- Accuracy is essential: HMRC will conduct its own valuation, focusing on high-value assets such as properties, antiques, watches, paintings, and specialist collections.
- Outstanding debts must be accounted for, including overdrafts, credit card bills, mortgages, household bills, and unpaid taxes.
- Trusts, charitable donations, and jointly owned property need to be considered, further complicating the valuation.
- If the estate exceeds the current threshold of £325,000, inheritance tax is levied at 40% on the value above the threshold.
- HMRC must be satisfied with the true value of the estate's assets and tax liabilities before the grant of probate can be issued.
Accurate valuations are critical to ensure compliance and avoid unnecessary complications, delays, and financial penalties.
Probate Property Valuation Services By Mylako
Request a call back from one of our building consultants by sending us a message through our quick enquiry form. Alternatively, please give us a call at our London office on 020 7183 0321, and we look forward to speaking to you directly.
