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HMRC Penalties For Inaccurate Probate Valuations

December 30, 2011 By Avery Associates

Always Use A Qualified Valuer For A probate House Contents Valuation

Executors should be fully aware of their responsibilities and the importance of getting a professional and accurate RICS Probate Valuation, when assessing the value of the chattels and the property itself for inheritance tax calculations. Trying to cut corners or instructing unqualified valuers just because they are cheaper could be a grave mistake and, if questioned by inland revenue investigators could lead to a heavy penalty as well as a higher tax liability.

RICS Surveyor Vs Estate Agent

Over the last 2 years HMRC have questioned countless unprofessional or inaccurate probate values, which has amounted to over 70 million pounds in extra inheritance tax, and penalties, from estates where executors have been found negligent having provided inaccurate and poorly prepared valuation reports obtained from unqualified surveyors or valuers. It is the executors duty to ensure that the valuer instructed is qualified and it is very wise to instruct a RICS surveyor. Reports compiled by RICS surveyors and valuers are very rarely questioned by HMRC because of the level of expertise and experience the valuers have, unlike an estate agents valuation which can vary dramatically from one agent to another as we all know. Estate agents valuations are commonly questioned by HMRC and revalued by the district valuer who usually values it a higher figure. Estate agents are qualified to sell houses, but not qualified to value them, so bear this in mind when obtaining the probate valuation of the property itself.

Recently more and more so called probate valuers are appearing on the Internet, the majority of which are unqualified and belong to no accredited firm of probate valuers, so using these inexperienced valuers could lead to problems with HMRC officials, and result in a lengthy drawn out probate process sometimes over a year before resolution.

Many house clearance companies are now offering probate valuation services, when they are not qualified to do so, this type of valuation could also lead to questions from the Inland Revenue. It is completely unethical and a conflict of interest for a company to value the chattels and at the same time try to purchase them from the estate.

Jeffrey Avery & Associates offer a full range of services including house clearance, and this service is provided by acting in the best interest of the estate. Further to this we arrange to dispose of all residual contents from the property by recycling and re-using as much as possible. We find this is approach makes things clear to the customer as well as being very efficient.

For more information or advice please call Jeffrey Avery directly on 0800 567  7769

Related

Filed Under: Chattels Valuation, FAQS Tagged With: district valuer, hmrc penalties, inheritance tax, negligence, probate valuers

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

What We Do

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Client Reviews

Margaret Campbell
Jun 24, 2022
 by Margaret Campbell on Avery Associates
Amazing Service and Support

Hello Pam / Jeffrey, As requested, sorry it is late …. I forgot☹️ I used Avery Associates for probate content valuation, clearance... Read More

Susan Arm******
Jun 2, 2022
 by Susan Arm****** on Avery Associates
Respectful Probate Valuation

Mr Avery did a wonderful job assessing the household contents for probate and I very much appreciate his respectful approach while valuing the items at... Read More

Your very welcome Susan

Patrick Macavoy
May 20, 2022
 by Patrick Macavoy on Avery Associates
A Seamless Experience

I had my late mother's flat to clear out. The contact with AA was a pleasure from day one, starting with the receptionist. Jeffrey then came out to look... 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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