House contents valuation for probate – The importance of using a RICS valuer to prepare the probate report – Avoid Inland Revenue investigation
How To Get A House Contents Valuation For Probate
If you need to get a house contents valuation for inheritance tax purposes and reading this article it’s probably because you have been appointed executor of an estate and have to obtain a house contents valuation for probate, and although it might seem a complicated issue it is quite straightforward as long as you appoint a professional firm who use RICS valuers. If a probate valuation of chattels is required a solicitor will advise you that to avoid the risk of challenge by Inland Revenue, the probate valuation of house contents should always be carried out by a RICS qualified surveyor, not a house clearance company, not an antique dealer but an experienced RICS probate valuer who will know exactly what the Inland Revenue require when it comes to appraising house contents and chattels, and the correct procedure when preparing the final written probate report for Inheritance Tax.
Professional Probate Valuation Required By Inland Revenue
A probate house contents valuation is a necessary part of winding up an estate and should be taken seriously, it is unwise to assume that an estimate will suffice, in fact an accurate valuation is now essential if the risk of Inland Revenue investigation is to be avoided, especially if the executor is a beneficiary and the contents have an obvious low value. – A chattels valuation for probate carried out by a RICS valuer is very unlikely to be questioned whereas a probate house contents valuation carried out by an executor, house clearance company or an antique dealer will automatically raise eyebrows at the HMRC probate office. The inland revenue are now looking at any way to raise extra revenue and this type of unqualified valuation of chattels is exactly what IR officials are targeting for investigation.
Avoid Using A Valuer Without RICS Qualifications
More and more companies are now claiming to be professional valuers, offering a valuation for probate carried out by unqualified personnel, and submitting a probate valuation report of this nature can put an executor at a high risk of investigation and subsequent penalties. The inland revenue have carried out hundreds of IHT investigations over the last two years and penalised numerous estates for negligence.
Accurate Probate Valuations Provided By Qualified Fine Art Surveyors And Valuers
Avery Associates are well versed with IHT law and the associated guidelines and coupled with the fact that all valuations for probate are carried about by valuers who are members of the Royal Institute of Chartered Surveyors. We have built a solid reputation for providing chattels valuations, and house contents valuation for probate and regularly take instructions from solicitors and executors. Our clients are confident with our level of expertise and the ability to provide accurate timely probate valuation reports along with on hand support and advice.
For all matters relating to house contents valuation for probate, chattels valuation, property valuation, assets or any other probate matters please call Jeffrey Avery direct on 0800 567 7769 for confidential advice
