HM Revenue and Customs (HMRC) is increasing scrutiny of residential property valuations in inheritance tax returns.
With properties forming a significant portion of most deceased estates, the accuracy of these valuations is crucial.
The Valuation Office Agency has now been integrated into HMRC, which is likely to continue this focus.
Incorrect valuations can lead to challenges, resulting in additional tax and interest being due.
Andrew Collinson (Image: Goadsby)
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Executors with significant property holdings are advised to seek professional advice to ensure valuation figures submitted to HMRC are accurate.
Goadsby, a firm with extensive experience in providing inheritance tax valuations for both residential and commercial properties, has a large agency team to provide commercial comparables and a network of residential offices who can advise on home values.
Goadsby’s large agency team can provide commercial comparables, while their network of residential offices offers advice on home values.
The firm’s Chartered Surveyor and Registered Valuer, Andrew Collinson, can be contacted on 01202 550103 for probate valuations.