The certainties of Death and Tax

When sadly a loved one dies, as well as processing the loss and grief, there are a thousand practical tasks that need to be done by those left behind. Funeral arrangements, closing bank accounts, notifying friends and family.. And then If they were the owner of a property, the beneficiary and/or executor is required to provide a valuation to the Valuation Office, at HMRC whose preference is an RICS valuation, to determine whether any tax is payable. This was formerly known as a probate valuation, also known as death duty and currently called an Inheritance tax valuation (IHT).

HMRC in these cases recommend appointing an independent RICS regulated surveyor, in order to make a professional and unbiased valuation of the property. You will be required to confirm the name of deceased, date of death and proof that you are the executor of the will, at the time of instruction. If you neglect to request a valuer who meets this criteria, there is a chance of overvaluing the property and leaving yourself subject to inheritance tax. Once you have concluded an accurate value, you will then be able to more realistically share the estate with the beneficiaries.

I'm pretty sure you'd agree that at such a difficult time you need all the support you can get and by dealing with a independent RICS Surveyor such as myself, you can trust that I will be able to help assist with at least this part of the burden of losing someone dear in safe hands, knowing that as a sensitive and compassionate individual you can talk to me directly about your concerns and requirements and not just be another number in a large chain's database.

If you require any type of residential survey or valuation, don't hesitate to call me on 07957606886 or email me at roo@rmsurveyors.co.uk