Incorporating Probate Valuation, Capital Gains Tax & District Valuer negotiations.
At Wilkinson & Fox, we understand that the circumstances requiring a probate valuation can be extremely difficult. We specialise in alleviating the concerns around valuing a property at this time. From instruction to completion you will have one dedicated point of contact to swiftly guide you through the process.
Property is often the largest asset in an Estate, so it is essential that it is accurately valued. Wilkinson & Fox have years of experience in the practice of valuing both residential and commercial property of all shapes and sizes for tax purposes. Each valuation is carried out by a qualified Chartered Surveyor and Registered Valuer (under the RICS Registration Scheme). As experts in valuation, we have the breadth and depth of knowledge to provide you with advice that is unique to your tax position and requirements.
In keeping with providing honest advice, we advise all clients that there are alternatives to getting an RICS Red Book Valuation. In some cases, three separate valuations by an estate agent will be sufficient. However, there are limitations to this:
At Wilkinson & Fox, we provide valuation reports for all means of tax purposes. The reports are designed to provide the intended reader, usually the Inland Revenue and the Estates Office, with transparent information that ensures a fast response, action and acceptance.
The most common purpose of valuation is to establish Capital Gains Tax liability. The circumstances surrounding Capital Gains Tax can vary significantly, but our team of experts will ensure that you are provided with the most accurate valuation for your personal situation.
Recently we have seen a significant increase in the number of valuations required by Non-UK Resident property owners who are considering selling, or have sold, their UK property. Under Section 272 of the Taxation of Chargeable Gains Act 1992, the Non-Resident Landlord may be liable to pay Capital Gains Tax on the increase in value of the property since April 2015. Our Red Book Valuations are not only used for tax submissions, but also for assisting clients and their advisors with tax planning.
For further information and consultation please contact us on 020 3488 4110.
District Valuer Negotiation is required when HMRC assess and dispute a valuation that is to be used for calculating tax.
HMRC may look to recalculate the Inheritance Tax liability using their own valuation prepared by the District Valuer. If this is the case, usually HMRC will write to the executors informing them of the value that the District Valuer has out on the property. This valuation can however be appealed to ensure that there is not an over-payment of inheritance tax to HMRC.
At Wilkinson & Fox, we provide a District Valuer Negotiation service that aims to resolve any dispute within 14 days, irrespective of whether we conducted the initial valuation or not.
The charge for this service is on a case by case basis, but we usually calculate our fee as a percentage of the saving we are confident we will make you or your client.
For further information and free 30 minute consultation please contact us on 020 3488 4110.