News

With Inheritance Tax being scrapped for main residences valued up to £1 million from April 2020, most family homes will no longer be subject to this tax, but this won’t be the case for rental properties, second homes and most country homes and country estates, says Jonathan Mountford, Director of Valuation and Professional Services at Worcestershire Chartered Surveyors GJS Dillon.

Valuing land and property for inheritance tax (IHT) purposes (e.g. on death) can be difficult to get right, with a greater risk of making errors and attracting investigation, more tax and even penalties from HMRC.

One of the difficulties with land valuations for IHT purposes is a lack of clear guidance on what constitutes ‘market value’.

HMRC therefore advises taxpayers to obtain a valuation which meets Royal Institution of Chartered Surveyors (RICS) standards and to ensure that the independent professional valuer is fully briefed with all the relevant details concerning the land and property, including copies of any lease or other relevant agreements.

Dealing with probate can be a difficult, stressful and demanding time for executors.  You can help them by keeping up to date records of all properties you own.  By having regular property valuations you can also discuss with your solicitor the best way to deal with any potential Inheritance Tax issues long before your death.

GJS Dillon can supply RICS ‘Red Book’ valuations, which adhere to the RICS professional standards, mandatory rules and best practice, for all commercial and residential property including for probate and IHT purposes.  For further information please look at our website – https://gjsdillon.co.uk/services/valuations/ or call our Valuation and Professional Services team on tel. 01905 676169.