Posted on Sep 13, 2019

ML Surveyors

RICS Probate Valuations
When someone dies, if their property (or estate) is likely to be subject to inheritance tax, an RICS Probate Valuation is advisable in order to calculate the amount of tax due to HM Revenue and Customs (HMRC).
Where an Executor of a will has relied on Estate Agent valuations, additional enquiries may be made by HMRC in order to establish if the correct amount of duty has been calculated. If HMRC believe the true value of the property is greater than the figure presented, it has the power to impose financial penalties against the estate and personal representatives.
If you are discharging your duties as an Executor to the estate it is clearly beneficial for you to obtain an RICS Probate Valuation in order to accurately submit to the HMRC.
To discuss how we can help, call 01403 218621
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