If a property or estate is likely to be subject to inheritance tax, it is advisable to get an RICS probate valuation. This will help you to calculate the amount of tax due to HM Revenue and Customs (HMRC).
An RICS probate valuation is carried out by a qualified chartered surveyor. They will assess the value of the property based on its market value on the date of death. This is the most accurate way to determine the value of a property for inheritance tax purposes.
If you are an executor of an estate, it is your responsibility to ensure that the correct amount of inheritance tax is paid. Getting an RICS probate valuation will help you to do this.
The cost of an RICS probate valuation?
This varies depending on the value of the property. However, it is generally a small price to pay for the peace of mind that you are getting the most accurate valuation possible. Typical costs range from £250 to £400 inc VAT. It is a small price to pay for the peace of mind and benefits that it can provide. Contact Aspire Surveyors and we will be able to advise you on the process and provide you with a quote.
Benefits of an RICS Probate Valuation
There are a number of benefits to getting an RICS probate valuation, including:
Accuracy: An RICS probate valuation is the most accurate way to determine the value of a property for inheritance tax purposes.
Peace of mind: Knowing that you have the most accurate valuation will give you peace of mind that you are paying the correct amount of inheritance tax.
Reduced risk of penalties: If HMRC finds that you have underpaid inheritance tax, they may impose penalties. Getting an RICS probate valuation will help to reduce the risk of this happening.
Speed: An RICS probate valuation can be completed quickly, which will help you to get the probate process underway.
1) Contact Aspire Surveyors Ltd who are members of the Royal Institution of Chartered Surveyors (RICS).
2) Provide the surveyor with information about the property, including the address, size, and condition.
3) The surveyor will visit the property and assess its value based on the market value on the date of death.
4) The surveyor will provide you with a written report that includes the valuation and a breakdown of how it was calculated.
5) You can use this report to complete your inheritance tax (IHT) return.
