Probate Valuation & Inheritance Tax
The value of the deceased person’s property and possessions will need to be calculated based on their value on the date of the person’s death. The value placed on the contents of the house will need to be reflective of their realistic selling price on the open market at the time of death.
What’s Next:
The deceased’s Personal Representatives (including executors and administrators) are responsible for establishing an accurate value of their assets for probate. Assets can include property, furniture, vehicles, financial assets, and personal belongings.
Royal Institution Chartered Surveyors: Valuation
It may be necessary to pay a chartered surveyor for a professional valuation.
Getting a professional valuation may also be the best option if the property is very dilapidated repairs, alterations and improvements should be taken into account when final valuation is produced or is on a large plot of land which could be suitable for development.
HMRC are also more likely to accept a valuation provided by a professional.
The fee charged is recoverable from the estate on completion of the account. Seek further advise from your legal advisor.
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