We often get asked to provide written valuations of house contents for inheritance tax purposes. A lot of our clients are worried about this report, and satisfying HMRC criteria.
For example, in a recent probate valuation we conducted in Guildford Surrey, our client was unsure what items needed to be included in the valuation, and what items were of such little value, they could be left out.
The basic rule is that any item individually, or as part of a collection, that was worth over £500 as of the date of the deceased death recorded MUST be recorded.
Items under this value can be listed and valued as a group. This is referred to as a global valuation, i.e. the total value of the remaining items.
However, in many cases, there are very few items worth over £500. And we find our clients, including many solicitors, prefer that we individually list items with a value of over £50. This ensures that there is a lot more detail in the written valuation. It also helps executors establish the relative value of items bestowed to beneficiaries.
Therefore, typically we provide an accurate list of all items with a value of over £50, and all other items are included in a global valuation.
We provide probate valuation service throughout London and the South East, including Surrey, Kent, Hampshire, Essex, Sussex, Berkshire and Buckinghamshire.
For any further information please feel free to get in touch.
