Valuations for Tax Purposes (IHT, CGT & SDLT) and for obtaining a grant of probate
It is recommend that the valuation of buildings and land for Capital Gains Tax (CGT) and Inheritance Tax (IHT) is undertaken by a professional Valuer. These valuations are often complicated and are based on statutory definitions which differ slightly from Market Value as defined by the RICS.
We are professionally qualified to undertake Valuations for CGT, IHT and for other legal purposes. Our experience and comprehensive advice will help you and your legal advisors through the process.
Valuations of properties will be influenced by the way that an interest in property is held; as a sole tenant, as a joint tenant or as tenants in common and, in the case of Valuations for inheritance tax, where the property is jointly owned, the value of the estate’s share can be reduced by 10% (as a starting point) to reflect the difficulty in selling a (hypothetical) share in the ownership when the joint owner has the right to remain living at the property.
Our standard valuation letter is usually sufficient but we can also provide a comprehensive valuation report with detailed descriptions, photographs and explanation of the methodology adopted. This report will help the Inland Revenue and the Valuation Office Agency to understand rationale of the valuation and hopefully allow them to accept the figures reported. Our reputation for accurate Valuations means cost efficiencies for our clients. The price of a formal Valuation can therefore prove extremely cost effective.
We will also offer advice on the likely reliefs available from Capital Gains Tax and Inheritance Tax such as the following:
- IT - Agricultural Property Relief (can be up to 100%),
- IT - Business Relief (50% or 100%)
- CGT - Business Asset Disposal Relief (reduces the rate charged from 20% to 10%)
Our fee for this service is often less than you might expect and if we are subsequently instructed to sell the property after providing a Valuation, the selling fee is discounted to refund the cost of the initial formal Valuation.
Please contact us on 01758 701 100 to discuss your requiremnets or click here for more information on our Executor & Probate Valuation Service.