Why Property Valuations Are Crucial for Inheritance Tax

This entry was posted on Friday, July 5th, 2024 at 9:32 am

When someone passes away, the executors are responsible for managing the deceased’s estate, which includes applying for probate. This process often involves solicitors, accountants and valuers. Accurate property valuations are necessary before submitting the probate application.

While determining the market value of many properties is straightforward, complications can arise if the estate includes business property. For example, Business Property Relief or Agricultural Property Relief may apply. Agricultural Property Relief is based on the agricultural value of assets used for farming, which is often lower than market value for several reasons.

Valuers play a crucial role in determining both market and agricultural values. They also help identify which assets qualify for these reliefs.

Tax planning is an important aspect often overlooked by many. The valuer, solicitor and accountant are all integral parts of this process.

 

 

For advice on your valuation requirements please contact us.

Sarah Hogg MRICS FAAV

t: 07967 216 989

e: sarah.hogg@stephenson.co.uk 

 

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