Inheritance Tax is the tax that is paid on your 'estate'. Broadly speaking this is everything you own at the time of your death, less what you owe. Assets include things like property, possessions, money and investments.
Property is one of the biggest assets that needs correct valuing for inheritance tax purposes, especially as many properties may take an 'estate' over the inheritance tax threshold. This valuation must accurately reflect what the assets would reasonably fetch in the open market at the date of death.
Even if a property is not going to be sold by the beneficiaries, it is necessary to submit to the Inland Revenue the value as at the date of death in order to obtain grant of Probate.
Levene Chartered Surveyors undertake valuations on behalf of the nominated estate representative, ensuring that the process is completed correctly and that the Inland Revenue is satisfied that the estate has been managed and reported on correctly.
To oragnise a valuation for Inheritance Tax purposes, please give our friendly staff a call on 020 8977 6886 or use our contact page to get in touch. We will be happy to help in any way we can.