RICS Probate Valuations
Inheritance Tax valuations are ‘Red Book’ complaint and include a formal, independent assessment of the deceased’s property at the date of passing. The valuation is completed by a RICS Registered Valuer to ensure compliance with HMRC Regulations, preventing overpayment of inheritance tax and reducing the risk of penalties.
Key Components and Process
- Purpose: Calculate accurate open market value for Inheritance Tax (IHT) purposes.
- Date of Valuation: Based on market value at date of death, not sale date.
- The Inspection: RICS surveyor inspects property, considering condition, location, size, planning constraints.
- Market Analysis: Compares with similar, recently sold properties in the area.
- Red Book Compliance: Report follows RICS Valuation - Global Standards ('Red Book'), accepted by HMRC.
- Retrospective Valuations: Retroactive valuation possible if date of death was in the past.
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- Purpose: Calculate an accurate market value of the property for Inheritance Tax (IHT) purposes.
- Date of valuation: Based on the market value at the date of passing.
- The inspection: The surveyor inspects the property, considering such factors as its size, location and condition to determine the valuation.
- Retrospective Valuations: Retrospective valuations are available if the date of passing was some time ago.
Benefits
- Compliant with HMRC
- Tax Efficiency: Ensures only the necessary amount of Inheritance Tax is paid
Frequently Asked Questions
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