Avery Associates are professional RICS London probate valuers and in this article taking the time to reveal that it is more important now than ever to get a probate valuation carried out by an expert. It’s been widely reported in recent month’s that many people are getting fined by HMRC because they are having their properties valued incorrectly for probate purposes.
London Probate Valuers
As a London probate valuations specialist, it’s alarming for us to see that so many valuations are judged to be incorrect. UKY Hacker Young has announced that HMRC is cracking down on estates which are being undervalued in order to claim the tax which is due. The amount of challenges which HMRC is making shows that they are taking this very seriously. Indeed, UHY Hacker Young says that an extra £70 million was made by the tax authorities as a direct result of challenging the valuations in 2010-11. This works out at £24,600 per case. Inheritance tax of 40% must be paid on estates worth over £325,000, and valuations need to be submitted within 12 months after death. HMRC is now targeting estates where the property has been valued at under the amount required to pay tax. That meant accurate probate valuations are essential. In 2010-11, inheritance tax was paid on 16,000 estates.
Valuations Challenged By IRS
Of those that were challenged, 3,441 had their value increased and 800 had it reduced, according to HMRC’s own figures. A wrong valuation can lead to penalties which can be very expensive. This can happen where reasonable care was not taken when making the valuation, and that’s why we always recommend you use a professional service to get the correct probate valuation the first time around. If you are looking for a professional for London then why not give Avery Associates a call? We are highly experienced in providing detailed reports and assessments for solicitors and executors and we pride ourselves on the quality of the accurate service that we provide. Consider Avery Associates for all your professional probate valuations in London.
For free confidential advice or a quote call Jeffrey Avery on 0800 567 7769
