Avoid HMRC Investigation
Due to HMRC’s new aggressive stance, providing a correct and accurate probate valuation report is now crucial when submitting Section 160 Inheritance Tax forms and documentation. Therefore choosing a poorly qualified and inexperienced valuer may well put you at risk of challenge by HMRC officials.
Avery Associates have an excellent track record and provide accurate professional valuations of house contents, antiques, property and chattels which are prepared by experienced RICS valuers holding full professional indemnity insurance. Our house contents valuation and property valuation reports are of the highest standard ensuring accuracy for executors, solicitors and beneficiaries alike. Our long term and trusted reputation with HMRC has protected executors from in-depth investigation for many years. We are fully insured and indemnified for all valuation work and provide the support needed when executors or solicitors are dealing with HMRC officials at the Probate department.
Click HERE to see the types of Probate contents valuation we provide.
Probate Valuation Of House Contents
For executors who are not familiar with a probate house contents valuation or a property valuation for probate, or obtaining an open market value and probate house contents valuation while winding up an estate, we have compiled a list of frequently asked questions for those valuing house contents and a property for probate and inheritance tax purposes, along with the full range of specialist valuations we provide. Our probate contents valuation will be accurate and fully compliant.
Probate Valuation Fees And Complimentary Advice
Our fee is £450.00 plus vat for a RICS house contents valuation and £450.00 plus vat for a RICS (Red Book) probate property valuation – This price is fixed at point of instruction with no hidden or additional costs and includes unlimited research time needed to provide an accurate compliant report.
How To Value Personal Property For Probate
Due to HMRC now having an aggressive stance to the accuracy of open market valuation of household contents for probate, it is now imperative to instruct an experienced firm of RICS property and contents valuers to prepare accurate written reports which will protect executors from investigation, harsh penalties and lengthy delays.
Valuing Household Contents For Probate
Probate Valuation Of House Contents – Avery Associates trusted reputation with HMRC will protect executors from challenge and penalty. Our fully comprehensive range of probate valuation services are carried out by highly qualified valuers and will cover the valuation of everything that forms part of the estate. We are the only firm of valuers in the UK that employ an in house team of valuers who together can provide every form of valuation needed to satisfy Solicitors and HMRC. Our sole aim is to support and safeguard executors from Inland Revenue scrutiny. Recently HMRC have taken a much more aggressive approach when it comes to Probate Chattels Valuation and Property Valuations, and are handing out harsh penalties for executors found acting in negligence when providing inaccurate chattels or property valuations. Avery Associates are registered valuers providing RICS house and content valuation reports and to date have never been challenged or had a probate contents valuation rejected by HMRC.
Valuing Personal Possessions For Probate
Probate Valuation Companies – Our team of valuers are highly qualified with years of experience, unlike many companies that offer a probate valuation service and are basically house clearance companies claiming to be professional valuers, resulting in valuations that will be at high risk of scrutiny by HMRC. Avery Associates house contents and property valuation reports are of the highest standard and are prepared by experienced and qualified RICS chartered surveyors and valuers specialising in open market valuation for probate that will not be questioned by HMRC. Our fee is normally £450.00 plus vat and fixed at point of instruction with no hidden or additional costs and includes unlimited research time needed to provide an accurate compliant valuation. So If you require a RICS probate property valuation quotation or a valuation of belongings, personal possessions, antique and modern furniture, jewellery, paintings, works of art, personal effects, a house, car or boat, militaria, stamps, books, toys, coins, medals, vintage wines and spirits, vinyl record collections and any other related assets for the purposes of probate and you want to avoid Inland Revenue Investigation we will be pleased to provide our probate valuation fees along with free telephone assistance from Jeffrey Avery. Call our probate specialist Jeffrey Avery on 0800 567 7769 and for urgent or emergency international enquiries he can be reached 24hrs on +44 7967 646499.
What Is A Probate Estate Valuation Of House Contents?
Probate House Valuation And House Contents Valuation For Probate And Inheritance Tax Purposes – Is personal property subject to probate? – Yes it is and one of the primary duties of an executor or administrator of a will is to value the entire estate being an open market valuation or estate valuation for probate, ie: property valuation for probate and house contents valuation for probate, including the deceased’s property, personal belongings and possessions, (their home, for example), and their goods and chattels (the possessions contained in a property which are not part of the fabric of the building). The term probate evaluation is also used in these circumstances but has exactly the same meaning ie: open market valuation of household contents for the purposes of probate and IHT calculations.
How Do You Value Items In A House For Probate
As an example, the furniture would be a chattel, whereas, generally, the radiators which are fixed to the walls are not. As part of the winding up process, an executor will be required to provide an estimate of the total value of all the chattels, so that tax liabilities can be correctly assessed. These documents are known as probate valuations.
What About Valuing A House For Probate?
How to get a house valuation for probate – For the purposes of Probate the property’s value is based upon the open market value of the property in a sale by a willing seller to a willing buyer (section 160 Inheritance Act 1984). Any peculiarities of the property (for example the fact that there is a buyer desperate for a flat in that particular building and willing therefore to pay a premium) must be ignored.
Once the return has been submitted, the District Valuer at the Capital Taxes Office will consider the valuation given. If they believe that the value is too low the person who submitted the return will be asked to defend the value given. The solicitor acting will turn to the estate agent and ask them to justify their valuation directly to the District Valuer. This situation may arise, for example, if the property is sold for considerably more than the value given in the return just a short period after the date of death.
Our fully experienced RICS property surveyors will prepare an accurate valuation which will be supplied to you as a written probate report and fully compliant with HMRC Inheritance Tax law and eliminate the risk of the district valuer intervening. We currently provide around one thousand probate valuations annually and to date we have never had a valuation rejected by HMRC.
Why Do I Need A Professional Probate Property Valuation And House Contents Valuation?
There are three reasons why obtaining a professional certified valuation of both property and chattels will help to smooth the process of obtaining probate.
First, the value of the house, and the goods and chattels contained therein form part of the total valuation of an estate for tax purposes, and certified professional valuations are much less likely to be queried by HMRC, which could mean fewer delays.
Second, probate valuations by someone without expert knowledge could result in over valuation, which could cause additional, unnecessary tax liabilities or undervaluation, resulting in a query being raised by the tax authorities and possible penalties, which could cause significant delays in the winding up of the estate.
Third, where individual items are bequeathed to specific beneficiaries, or there is family division, itemised probate valuations will simplify the process of calculating tax liabilities on these items.
What Form Does The Estate Probate Valuation Report Take?
We provide the documentation for probate valuations in the form of a declaration of value, and, where appropriate, a schedule of higher value items. The value of the goods and chattels is declared to be that which pertains at the date of death.
We will provide RICS property valuations professionally prepared and supplied as a fully written and signed probate valuation report.
We will provide RICS chattels or house contents valuations professionally prepared and supplied as a fully written probate valuation report.
Where required, we will convert all probate valuations into PDF format and send them to all interested parties, but in all cases, signed hard copies are always supplied.
We are able to provide the probate valuations in both forms usually within 48 hours of appraisal, unless additional research is required.
Which HMRC Forms Will I Need When Dealing With Property Valuation And Probate Valuation Of Household And Personal Belongings Or Chattels?
You will need to complete the following forms:
Schedule IHT 405 – Houses, land, buildings and interest in land.
Schedule IHT 407 – For jewellery, vehicles, boats, aircraft, antiques, works of art, or collections
Schedule IHT 408 – This is for household and personal goods donated to charity.
Schedule IHT 404 – Jointly owned assets.
The forms are available online and can be downloaded from www.hmrc.gov.uk/inheritancetax/. Attach the written probate valuation to these forms when submitting them to HMRC.
HMRC Investigations
Read the following article by “Hacker Young” which explains why it is so important to obtain a professional probate valuation report HERE.
How Much Will It Cost?
Our probate valuation fee for a house contents valuation is £450 plus vat and £450.00 plus vat for a property valuation. Sometimes research is required into unusual, rare, or high value items, and in this case we may have to charge an extra fee for the additional research time.
Can You Assist Us To Realise The Monetary Value Of Antiques, Collectables, Or Other High Value Items Such As Vehicles?
We can arrange for items to be transported to one of our recommended auction houses, and can also advise you on the auction process, so as to ensure that the maximum value, in the best interests of the estate, is obtained. If desired, we can also purchase the entire contents, including vehicles, directly.
Can You Also Carry Out A Complete House Clearance Of Furniture And Effects From The Property?
Yes, If you need help getting a house cleared after probate we can completely empty the property of all furniture, effects and personal belongings including garages, gardens and outbuildings, remove any rubbish then leave it clean, tidy and ready for sale or transfer to a landlord.
What additional services do you offer to executors, solicitors and other professional organisations, which would assist in winding up an estate?
If requested, we can drain down central heating and water tanks to prevent pipe bursts, or de-commission the water services entirely. We can also isolate all electrical systems and secure the premises by changing the locks. To do this, we offer the services of a locksmith, certified gas engineer, plumber, and electrician. This is particularly important where the property is likely to be empty for a while.
What About Items I Wish To Keep?
Any items you have decided to retain and have purchased from the estate can be relocated from the deceased property, so we are always happy to transport any of those items to a location of your choice.
I’m Not In The UK At The Moment – Can You Help?
Yes, we are always pleased to assist with international enquiries and have all the necessary facilities available for individuals and companies requiring our services while abroad. We are more than happy to contact you by phone from our head office to anywhere in the world, and provide 24 hour support. Jeffrey Avery is available 24 hours to take urgent or emergency calls on +44 7967 646499.
