What is a inheritance tax valuation (probate)?
For Inheritance Tax purposes, the estate may need to report the property’s open market value at the relevant date, commonly the date of death. A formal probate valuation provides an independent, reasoned assessment of that value and a record of the basis used.
When might you need one?
Executors or personal representatives may need a valuation when preparing estate information, working with a solicitor or accountant, or responding to questions about the reported value. The correct date, valuation basis and evidence depend on the estate and its circumstances; obtain professional tax or legal advice where needed.
What to expect
- Tell us the property address, the date the valuation needs to reflect and how the report will be used.
- We agree the valuation basis, inspection scope, available documents and any retrospective requirements.
- The report explains the valuation conclusion and relevant assumptions for the agreed purpose.
- Share the report with the estate’s solicitor, accountant or the relevant authority as appropriate.
RICS Red Book standards
We adhere to the RICS Valuation – Global Standards, commonly known as the Red Book, when preparing formal valuations. The agreed instruction defines the valuation purpose, date, basis, scope and assumptions for each report.
Important information
A property valuation is not tax, legal or probate advice and does not decide the estate’s tax liability. The executor remains responsible for the estate’s reporting, with support from their legal or tax adviser. Our formal valuation work is prepared in accordance with the RICS Valuation – Global Standards (the Red Book), subject to the agreed purpose, date and scope.
Every instruction is specific to the property and intended use. Contact us to discuss the requirements and provide any forms or guidance you have received.