VALUATIONS FOR PROBATE AND INHERITANCE TAX

Death and Taxes are sometimes said to be two certainties in life!

Certainly, consequent upon death, Inheritance Tax issues can arise and often the most significant asset in any deceased’s Estate is the family home. Quantifying the value of the property in the Estate is included amongst the various responsibilities that Executors have to fulfil.

Property assets, such as dwellings, farmland, business premises and investment property, are required to be valued in accordance with the statutory definition of value for Inheritance Tax purposes, found at Section 160 of the Inheritance Tax Act 1984, and is defined as follows:-

“The value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is placed on the market at one and the same time”.

Special considerations also apply when considering undivided shares in property and in providing valuations for Agricultural Property Relief purposes.

In addition to professional valuation advice and undertaking any subsequent negotiations with the District Valuer, we are also able to offer professional Estate Agency services where property within an Estate is to be sold. Depending on the circumstances and the type of property, sale by private treaty, public auction or informal/formal tender may be the most appropriate method of disposal and our experienced Agency Team led by Michael Henderson can advise Executors as to how best to deal with the disposal of any particular property.

We consider ourselves to be specialists in the provision of valuations for Probate and Inheritance Tax and benefit from the expertise available to us from Lloyd Smale FRICS who gained over 20 years’ experience with the District Valuer’s office prior to joining Drew Pearce.

If you feel our specialist Valuation and Estate Agency services can be of assistance to you, or someone you know, please do not hesitate to contact Lloyd Smale or Michael Henderson for an initial discussion on 01392 201748.