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Probate - Inheritance Tax Assessment (IHT)

Glossary of Probate Terms Inheritance Tax Overview Valuing the Estate of Someone Who’s Died Wills, Probate & Inheritance Overview All HMRC Inheritance Tax (IHT) Forms IHT205 Form What to do After Someone Dies

Probate Valuation Services

 

At what can be a difficult and emotional time our service is simple, responsive and caring and by giving you a named point of contact we can ensure a prompt and efficient service.

 

RTWV offers 4 probate valuation services to assist you in valuing the chattels, antiques and assets such as works of art, antiques, jewellery, clocks and watches, memorabilia, classic cars, number plates, wines and spirits and bullion along with furniture, collectables and household goods .

 

   1.  Complete valuation prepared in accordance with the Inhertitance Tax Act 1984

 

   2.  'Nil value certificates’ for excepted estates where there is no Inheritance Tax to be paid  

 

   3.  Checking service for executor(rix) completing their own valuation for HMRC Inheritance Tax forms

 

   4.  RTWV can assist you if HMRC has queried your submitted values, by providing a qualified appraisal of your valuation where possible.

 

                           ~~  All our probate valuations are prepared in accordance with s.160 of the Inheritance Tax Act 1984.  ~~

Rising property values, particularly in South-East England, have meant, many more estates now meet the current IHT threshold, of £325,000 and need to provide a valuation for the assessment of IHT.  

 

It is often the case that the person who passed away will have assets and/or chattels (personal possessions) that will need to be valued for probate purposes.

IHT407 Form

Before we can carry out a probate valuation, it is important that the death has been registered,

Click to go to IHT form links at the bottom of the page.

Keep up to date with HMRC changes to IHT by following @rtwvaluations on Twitter.

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The language of Probate may be unfamiliar.  To assist with this, RTW Valuations has compiled a glossary to help better understand the various terms and what they mean.

Please see our helpful links below for more information

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What is Probate?

 

Probate is the official proving and registering of a will.

 

The Inheritance Tax Act 1984 requires that on the death of a person possessing real or personal estate that a statement of its value be made.

 

   *  An independent professional valuation written in accordance with the Inheritance Tax Act 1984 is usually necessary to determine the value of the Deceased's estate and the amount if any of Inheritance Tax (IHT) due.

 

   *  It is important you ensure any noteworthy items are identified with adequate information suitable for Inheritance Tax Assessment, the benefit of using a qualified and experienced valuer lessens the possibility of queries being raised at a later stage.

FORMS AND LINKS

We have provided you with the following links to guide you with helpful information.  

 

RTW Valuations cannot be responsible for the availability and content of the sites.  The links open in a new window/tab to view some of the forms you will need a PDF Adobe Reader.

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