One in 10 properties on the UK market is sold under probate as part of a deceased person’s estate. Valuing probate property accurately is vital to ensure that the estate’s total value can be reported to HMRC for inheritance tax purposes. Mistakes in this process can cause additional costs and a lot of confusion for the parties involved.
Usually, either a solicitor or the executor is responsible for property valuations. However, finding estate agents, ensuring valuation is accurate, and the solicitor managing multiple properties at once can get complex and create problems.
In 2019-20, the HMRC investigated one in four estates liable for IHT: more than 5,000 cases. These investigations resulted in additional tax charges of £274 million, or almost £50,000 per case.
Movewise offers a UK-wide valuation coordination service that eases administration burden for solicitors and for executors self-managing ensures the valuation is conducted in compliance with the regulations.
We can conduct either the best local agents to value your property or will request a RICS valuer. We will co-ordinate these ensuring that the valuations provided are in the correct format and contain the necessary information to satisfy HMRC.
Our dedicated video discusses our process and focuses on what is needed for probate valuations to be HMRC Compliant. This will help you gain more insights.