Inheritance Tax / Probate Valuations

A probate valuation is required in the context of handling an individual's estate after their death. Probate is the legal process of administering a deceased person's estate, which includes their assets, debts, and property.

What is probate?

Probate is the legal authority to deal with assets which were owned by someone who has died.

 HMRC will often require a Valuation report to be provided before probate can be granted. This determines the tax that will be payable.

Please be aware that the tax is calculated using the probate valuation. If you decide to sell the property, it will still be the probate valuation which is considered, more so than the amount the property sells for. whether you manage to sell it for more or less than the value given.

What is an inheritance tax?

When someone dies, their estate may have to pay tax on its assets. This could include money, property and other possessions. Inheritance tax is a 40% tax applied after a person dies to estates worth over £325,000. In recent years, HMRC has become more vigilant in its requirements for a market valuation. Their advice now is for a report to be undertaken by a Chartered Surveyor and for it to comply with the Red Book (RICS Valuation Standards), which is the gold standard of valuation reports as decided by the Royal Institution of Chartered Surveyors.

What is an inheritance tax valuation?

The property’s market value on the date of death needs to be established to determine how much tax is payable. This helps calculate the total value of the estate.
This is known as an Inheritance tax valuation or valuation for probate.



Dealing with the death of any loved one is incredibly difficult, and one of the last things many people want to think about is how to satisfy HMRC. Suppose you are dealing with an Estate because of the sudden, often unexpected death of a loved one due to the contraction of COVID-19. In that case, it is undoubtedly horrible, just like several other conditions, and our sympathies go out to you.

There are some added complications when someone dies of covid-19, but we are still here to help. We are still able to inspect and value properties that were occupied by someone who died of COVID-19. Still, before being able to do so, we would need to discuss practical precautions that would be required, including the potential use of PPE during an inspection.

Frequently Asked Questions

If you inherit a property and decide not to sell, a valuation report will still be required if the estate’s total value may reach £325,000 or more.
That includes both property and other assets.

If you are a personal representative of the deceased, such as an executor or administrator of the estate, you are responsible for securing a real estate valuation. The Valuation can be challenged by HMRC, with penalties applied to the Executors if they are negligent in obtaining a property valuation.

Without the valuation report, an Executor or Administrator may not gain authority to sell the property.

Our reports comply with Section 160 of the Inheritance Tax Act 1984 and the RICS Red Book. Our experience allows us to be thorough and evidence our findings sufficiently to mitigate any risk of challenge by HMRC.

Our Chartered Surveyors and RICS registered valuers have the necessary knowledge and expertise to carry out Valuations across the South of England.

We aim to provide valuation advice in compliance with the RICS Valuation Global Standards, also called the RICS ‘Red Book’. This document sets out the gold standard for undertaking valuations through a quality-assured process, so you can have confidence that consistency, objectivity, transparency and high service standards are maintained.

Want some advice on inheritance tax / probate valuations?

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