Inheritance and Capital Gains Taxation Valuations
Bartley West Chartered Surveyors offer Inheritance and Capital Gains Taxation Valuations across the South of England.
Inheritance Tax
Inheritance Tax Valuations Overview
After a death where assets are involved, the property is often the biggest asset that needs correct valuing for inheritance tax purposes. Many properties may take an ‘estate’ over the inheritance tax threshold on their own, without consideration of other things.
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 a grant of Probate.
We undertake valuations on behalf of the estate that can be submitted to Inland Revenue. Our surveyors provide accurate reporting in a prompt manner and can liaise directly with your legal advisors where required. We also undertake retrospective valuations if the date was some time ago.
- RICS registered valuers
- Accurate and professional
- Retrospective valuations available
- MRICS RICS Registered Valuer
- We can negotiate with District Valuer
- We can value a property you own or have already sold
Capital Gains Tax
Capital Gains Tax Valuations
Since 1982 any gain you make from a property investment is subject to capital gains tax. A property valuation is needed to provide reliable information on the worth of the property and is especially useful where an individual or entity is charged much higher or lower taxes than they should be liable for.
Our surveyors are experienced in providing a robust report for you to submit to your accountant or HMRC. We can also negotiate for you if the District Valuer disputes your valuation.
It is important to consider the condition and status of the property at that date. If you have already sold the property we can undertake this exercise by way of an external visit utilising historical records.
Let's work together
Why Bartley West?
Bartley West Limited has been a specialist Survey & Valuation firm across the South of England since 2012, All valuations are undertaken only by a fully qualified MRICS RICS Registered Valuer with the knowledge and expertise needed to undertake the work for you. We provide our advice to you in a way that is clear, easy to understand, compliant with requirements and delivered within your required timescales.
- Regulated by RICS
- Our surveyors share a wealth of experience and local knowledge
- Specialists in valuation & surveys since 2012
FAQ
Most frequent questions and answers
A valuation report for taxation is usually a requirement for those seeking an Inheritance Tax valuation (probate) or Capital Gains Tax valuation. We are often instructed by executors, solicitors, families and accountants and often need to provide a retrospective valuation for a past date. We can report valuations on properties as far back as 1981 if required.
It is important you meet the statutory requirements when reporting the value of an asset. For accuracy it is important to instruct a professional valuer who is unconnected to any of hte parties. Our valuation reports will be produced by an independent RICS valuer who will not be known by either party and will report to regulation standards.
The surveyor will inspect the property, look at its key components and measure room sizes. They will consider the position of the property, its outlook, local environment and external features. The general condition of the property will be considered but this is not a detailed condition survey so assumptions will be made for the purpose of the valuation report based on what is clearly apparent at the day of the visit.
We report at the Valuation Date only (usually the inspection date but can be an earlier date if the parties require). It is usual for parties to consider this valid for perhaps 3 months but much depends on the wider market. If there are changes to property values then we can re-report on a Desktop basis. There is a charge for this service.
The Valuation will be undertaken in accordance with the RICS Valuation – Global Standards (‘Red Book Global’) and statutory valuation requirements. For example an Inheritance Tax valuation will be based upon the following:
Market Value as per the Statutory Definition as per Section 160, Inheritance Tax Act 1984:
‘The value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is to be placed on the market at one and the same time’
Assumptions that will be made:
- – The sale is a hypothetical sale
- – The vendor is a hypothetical, prudent and willing party to the transaction
- – The purchaser is a hypothetical, prudent and willing party to the transaction (unless considered a special purchaser)
- – For the purpose of the hypothetical sale, the vendor would divide the property to be valued into whatever natural lots would achieve the best overall price if applicable.
- – All preliminary arrangements necessary for the sale to take place have been carried out prior to the valuation date
- – The property is offered for sale on the open market by whichever method of sale will achieve the best price.
– There is adequate publicity or advertisement before the sale takes place so that it brought to the attention of all likely purchasers and the valuation should reflect the bid of any special purchaser in the market (provided that purchaser is willing and able to purchase)
- The surveyor will seek comparative evidence and we will outline at least three examples of these within the report. The valuer will appraise comparables and make adjustment for the different features of those compared to the subject property to formulate a reasoning base for the valuation adopted.
Our RICS Registered Valuers are based across the South of England. We work throughout Hampshire (Southampton, Romsey, Winchester, Eastleigh, Portsmouth, Andover, Basingstoke, Ringwood), Dorset (Bournemouth, Poole, Wimborne, Blandford Forum), Wiltshire (Salisbury, Amesbury, Durrington, Wilton, Old Sarum), Berkshire (Reading, Newbury, Maidenhead, Bracknell, Wokingham, Slough, Crowthorne), Surrey (Guildford, Farnham, Woking, Camberley, Leatherhead, Bagshot), West Sussex (Chichester, Bognor Regis), Buckinghamshire (High Wycombe).
Useful documents
Sample Valuation Report
Customer Information Pack
Get your Taxation Valuation quote
If you need a Taxation Valuation, do get in touch whether by phone, email or via our online forms. Whilst we offer online services with instant quotes for speed and efficiency, our friendly team are on the other end of the phone or email if you have queries or want to talk the process through.
