Avery Associates

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Probate Valuation Investigations by Inland Revenue Increase

December 25, 2011 By Avery Associates

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

Filed Under: FAQS Tagged With: hacker young, hmrc crackdown, iht investigation, probate valuation, professional 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.

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Client Reviews

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

Feb 1, 2021
by Sacha Hawes on Avery Associates
Hoarded House Clearance

I would firstly like to thank everyone at Avery associates for their hard work . We called Jeff after the sudden death of my father. He was a "hoarder... Read More

Feb 1, 2021
by Jennie Adams on Avery Associates
House Clearance And Search For Valuable Items

We are very grateful to Jeff and his team for carrying out a clearance on a very cluttered relative’s house. He fitted in with our timeframe organising... 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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