In the event that you are applying for Probate and there is a property in the estate then you need to obtain an accurate valuation to establish whether any Inheritance Tax (IHT) is due to HM Revenue and Customs (HMRC) by the estate. If the deceased’s estate falls under the current Inheritance Tax threshold (known as the nil rate band) then you pay no Inheritance Tax.
It is recommended to obtain a valuation for Inheritance Tax purposes from an RICS regulated valuer instead of an Estate Agent so that the true value of the property is submitted to the HMRC. If the figure submitted is lower than the true value of the property then the HMRC has the power to impose financial penalties against the estate.
More information on Inheritance Tax is available on the HMRC website here How Inheritance Tax works: thresholds, rules and allowances: Overview – GOV.UK (www.gov.uk)
An Inheritance Tax valuation is often retrospective because the valuation should be the property’s value at the date of death instead of the current market value. Because these types of valuations can be retrospective then access to the property could be limited or not possible. Our desktop valuations are ideal in this instance because we undertake the valuation remotely.