RICS Probate Valuation
Where a property (or estate) is likly to be subject to inheritance tax, An RICS Probate Valuation is advisable in order to calculate the amount of tax due to HM Revenue and Customs (HMRC). For more information on Inheritance tax, visit the HMRC website.
We have seen in the past that where executor of the will has relied on Estate Agent valuations, and additional enquiries have been made by the HMRC in order to establish if the correct amout of duty has been calculated. If the HMRC believe the true value of the property is greater than the figure presented, it has the power to impose financial penalties against the estate and personal representatives.
If you are discharging your duties as an Executor to the estate it is clearly beneficial for you to obtain an RICS Probate Valuation in order to accurately submit to the HMRC.
Please call 03300 587 127 if you have any questions or contact us.
One fixed price & book online
Pick the fee banding that the property falls into and make a secure payment online. We will contact you to arrange a suitable time to visit the property.
An RICS Probate Valuation, A Surveyors Perspective
When a property is above the inheritance tax threshold then an RICS Probate Valuation may be required. RICS surveyors have a royal charter and their probate valuation is indemnified by insurance.
Not everyone is subject to Inheritence Tax and you should take advice from an Independent Tax Advisor. However, if there is an Inheritance Tax Liability your safest bet is to get an RICS Probate Valuation as this could save you a great deal of hassle and possibly money later down the line.
If you have any questions about getting an RICS Probate Valuation, please contact us as we would be delighted to discuss your requirements.
We cannot provide you with tax advice but we can recommend an independent company who may be able to help you.
Get an RICS Probate Valuation with an RICS Surveyor
The Royal Institution of Chartered Surveyors (RICS) is a professional body that accredits professionals within the land, property, construction, and infrastructure sectors worldwide.
Professionals holding RICS qualifications may use the following designations after their name: MRICS (Member), FRICS (Fellow), AssocRICS (Associate). Those with the designation MRICS or FRICS are also known as chartered surveyors and qualified to produce an RICS Probate Valuation.
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