Market Leaders in Probate & Inheritance Tax Valuations
Our team of RICS Registered Valuers recognise the critical importance of accurately valuing the estate's assets while adhering to HMRC's regulations. Our meticulous attention to detail offers the necessary reassurance to beneficiaries, ensuring the correct and timely calculation of Inheritance Tax liability. It's no wonder why Solicitors and Executors repeatedly choose to instruct us.
The purpose of an Inheritance Tax Valuation is to ascertain the estate's Inheritance Tax liability, which must be settled with HM Revenue and Customs (HMRC) before distributing assets to beneficiaries. The Probate Valuation report that we produce is a crucial component of the Inheritance Tax Return, which must be filed within a specified timeframe following the date of death.
Probate Valuation Services Fulham
When confronted with the loss of a loved one, managing the array of responsibilities can feel daunting. HMRC requires a comprehensive and precise valuation of the deceased's property and belongings to determine inheritance tax.
Our Probate Valuation Service entails thorough inspection and assessment of all estate assets, encompassing real estate, land, and personal effects, and determining their market worth as of the date of passing. Given the intricacies of the valuation process, we extend our compassionate support as a trusted ally, ensuring accurate valuation and facilitating communication with HMRC on your behalf.
During this challenging period, count on our dependable team at Mylako to provide you with the support you need.
Certainly. It is imperative that the Inheritance Tax Valuation is conducted by a qualified Chartered Surveyor, as HMRC mandates adherence to their rigorous regulations and standards. Any inaccuracies can lead to a tax investigation or financial penalties for the estate.
Precision is paramount as HMRC conducts its own valuation, focusing particularly on high-value items such as properties, antiques, timepieces, artwork, and specialised collections. These assets must be weighed against outstanding debts, including bank overdrafts, credit card balances, mortgages, household expenses, and unpaid taxes.
The presence of trusts, charitable contributions, and jointly owned property further complicates the determination of definitive value.
Should the estate's value surpass the current threshold of £325,000, inheritance tax is applied at a rate of 40% on the estate's value exceeding the threshold. HMRC must be satisfied with the accurate assessment of the estate's assets and tax liabilities before probate can be granted.
Book Your Probate Valuation Report
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.
