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HM Revenue And Customs Penalties For Negligent Valuation Of Household Assets

April 28, 2016 By Avery Associates

Probate Valuation Of Household Goods And Effects And Personal Belongings

In December 2004 HM Revenue and Customs stated that it was anxious to establish whether the value of personal and household assets had been ascertained in accordance with the correct statutory principles i.e. the price the assets might reasonably be expected to fetch if sold on the open market

It is now crucial to instruct professional valuers for the open market valuation of household assets and property when submitting values for probate and IHT. An estate agents valuation of the house, or an inaccurate valuation of the household goods and personal belongings by a house clearance company or non professional will not be adequate and executors will leave themselves wide open for IRS enquiries and penalties

HM Revenue and Customs set out circumstances which might lead them to make further enquiries as to value and warned that it might also want to ask what steps the accountable people took to ensure that all of the goods had been accounted for

HM Revenue and Customs have stated that they may ask for evidence of the instructions given to valuers about the steps taken by accountable people to satisfy themselves that the valuation is on the statutory basis, for photographs and further details of specific items, to inspect and photograph items which have not been sold

If HM Revenue and Customs considers that accountable people or their valuers have been negligent it will consider imposing penalties

The circumstances that currently because HM Revenue and Customs concern are:

Where it is unclear on what basis of valuation has been made valuations should not state that they are made for probate purposes instead the valuation should state that it represents the open market value

Where the accountable person has made an estimated valuation themselves an explanation will have to be provided as to the basis on which the valuation has been made it should also include details of what comparisons have been made

Whether goods have been described as having no value it will be necessary to provide a full explanation of the circumstances and the basis on which that conclusion has been reached

Where insufficient details of a motor vehicle are given it is necessary to provide details of the make exact model year of registration and registration number

Where a valuer has provided a range of values and the accountable person has included values from the bottom of the range hm revenue and customs works on the basis that the most likely price goods would fetch on the open market would be near the middle of the range

Where goods are jointly owned by non-spouses HM Revenue and Customs will want to know the facts establishing the joint ownership

where there has been a sale at an undervalue or a forced sale HM Revenue and Customs expects the value to be adjusted to represent the open market value or a reasonable explanation given as to why the sale value should be taken as such

Where do you stay includes property situated abroad and there was no mention of household and personal goods there are separate valuation of the good should be provided or the valuation of the property should make it clear that the contents are included

Avery Associates are professional probate valuers of property and household assets, and all reports are carried out by qualified RICS surveyors and to date we have a 100% record with Inland Revenue

For an accurate open market valuation for probate contact our main switchboard on 0208 640 0044

Author – Jeffrey Avery

Filed Under: Property Valuation Tagged With: household goods, personal belongings, probate value, statutory basis

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

More info

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Client Reviews

Mar 4, 2021
by Ian Corben on Avery Associates
Probate Valuation & House Clearance

A one stop shop from beginning to end for myself as a first time executor.From our first call I was confident Jeff not only understood the issues with... Read More

Thank you Ian and it was a pleasure to assist you, we know how hard this process can be trying to find different service providers can be a nightmare so we feel very happy to ease the burden by providing all the services you require from one port of call.RegardsJeffrey Avery

Mar 4, 2021
by Sarah Lennie on Avery Associates
House Clearance After Probate

I just wanted to give my feedback I have recently moved my mother from her house and had the difficult task of clearing what was left in her... Read More

Feb 1, 2021
by Sally Thompson on Avery Associates
Sensitive House Clearance

You have done an excellent job, given that you had very little time. Brenda and I do appreciate how much you have done and feel it is really kind of you... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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