It is thereforeĪdvisable for the Personal Representative (Executors) to obtain a RICS “Red Book” Valuation toĮnsure that there is a proper value on which to base their dealings.Īn accurate Valuation is particularly important when assessing the Market Value of unusual If there is more than one Charity, or the asset is to be passed to, or passed in part to members of theįamily, people will look very closely at how the value of the Estate has been split. Also, if part of the Estate is left to Charity, particularly ThisĬan result in a squabble among beneficiaries. Negligence if the property is not sold or passed to a beneficiary other than for its proper value. This is wise advice because without a Red Book Valuation, the Executors could be accused of Technically called a Market Valuation in accordance with the Inheritance Tax Act 1984. This Valuation is commonly known as a “Red Book” Valuation but is Institution of Chartered Surveyors (RICS) Registered Valuer is accepted by HMRC for your houseĪnd other landed property.
This means havingĪn Inheritance Tax (Probate) Valuation of the property assets of the Estate carried out. Letters of administration (Grant of Representation) in order to manage your Will. With Her Majesty’s Revenue and Customs (HMRC) recommendation. The advice you would receive is that the only safe thing is to have Professional Valuations to comply
There is a sliding scale so that less tax is payable the longer before death IHT is also payable on certain gifts made within the Some careful valuations are necessary here. You might leave part of your estate to a charity to bring the balance into the Nil Rate Band. Your offspring might not think that that was good family Lot, above a certain sum, which is known as the Nil Rate Band (currently £325,000).Ī senior and well-regarded local solicitor who specialises in this field might advise that you couldĪvoid IHT by leaving everything to Charity. It is the aggregrate of the value of everything, house(s), company shares, cars – the
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