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What is a probate property valuation?

Tue 13 June 2017

A probate valuation is often required where the estate of the deceased is taxable and therefore a calculation of the value of the deceased's entire estate is required in order to assess the potential inheritance tax liability. Even if the estate isn’t taxable, a probate valuation may be required to prove this.

How does a probate valuation differ from a market appraisal?

  • Often referred to as a ‘Red Book’ valuation, probate valuations have to be carried out by RICS Registered Valuers who are regulated by the Royal Institution of Chartered Surveyors (RICS). All members of Stags Professional Services are members of the RICS, or are working towards this status.
  • The key difference between a market appraisal and a Red Book valuation is that a Red Book valuation can be relied upon. It is also a requirement to provide evidence as to why the value is reported at a certain level, and while it takes into account market conditions, the valuer cannot speculate without reasoned judgement.

How do I find out whether my estate is taxable?

Whether or not an estate is taxable is most appropriately answered by the solicitor handling the estate as they will be aware of all other assets to take into consideration. Every person has an inheritance tax allowance of £325,000, however, where assets are passed to a spouse and no inheritance tax is due, this nil rate band can then be added onto the surviving spouse’s nil rate band to give a total tax-free allowance of £650,000. There are also potentially further allowances available wherethere is a current or former residence as part of the estate.

Why contact Stags Professional Services?

The legislation surrounding inheritance tax is complex, so, no matter how big the estate, we would recommend that you seek advice from a member of our team. For a no-obligation discussion, please do not hesitate to contact Stags Professional Services on 01884 235701

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