A probate valuation is a valuation of property usually as at the date of death.
The valuation enables the estate in conjunction with the Inland Revenue to work out what death duties are due, if any, taking into account any inheritance tax allowance that may be set against the estate. It is essential to appreciate this valuation needs to be accurate and based on solid evidence. Inviting more than one agent to provide an inheritance tax valuation free of charge could be dangerous.
The highest valuation may influence the estate to sell with that agent, but it could lead to the property being overvalued to win the business, resulting in paying too much tax. Paying for a valuation puts the estate in a far stronger legal position to expect the valuation to be accurate.
Valuations are also conducted for inheritance tax purpose where gifts are made and this should be made at the date of the gift, with 7 years in mind to remove the interest from being taxed for inheritance purposes.
Probate and valuations for inheritance tax planning, Peter Illingworth will be pleased to undertake on behalf of clients. In the event Peter Illingworth should be instructed to sell the property, they would be pleased to deduct their charges off the final account.
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