When someone dies, their estate needs to be valued and any tax paid before the Will can be executed – and, very often, property forms the greatest asset(s) of an estate.
Probate Valuation might be the last thing on your mind but it is important and a necessity and therefore needs to be undertaken professionally and quickly by a Chartered Surveyor. It is essential to ensure that in current markets the house is not overvalued as this will result in an additional and unnecessary inheritance tax liability. HM Revenue & Customs are more likely to accept a valuation if it is provided by a Chartered Surveyor. Although it is reasonably rare for valuations to be questioned it does happen and Tudors will negotiate with the District Valuer on your behalf.
In any event, if the property is sold soon after probate is granted then the Capital Taxes Office will take the sale price instead of the previously submitted valuation figure and recalculate the inheritance tax liability. In addition, if within four years of the date of death the property is sold for less the value given then a claim can be made to the Revenue for a part refund of the inheritance tax already paid.
Please call us for a free consultation, Tel. 01737 362233.