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Foxtons Services ! Antique Buyers | Probate Valuation | Antique House Clearance | Antique Valuations
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Antiques
Probate
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You Are Here: Probate Valuations | Probate Valuations FAQs As professional probate valuers, Foxtons provides a range of professional valuations services to solicitors, executors, administrators and private individuals across the UK. Our aim is to make everything as easy as possible. FREEPHONE 0800 0355 604 We provide clear and accurate written house contents valuations in accordance with HM Revenue and Customs guidelines. Foxtons will be pleased to guide you through the entire process from start to finish. We will provide you with an official typed, written probate valuation report (Estate Valuation Report), produced on headed note paper, which confirms to the authorities the value of the goods and chattels of the estate for probate purposes, in accordance with S.160 of the Inheritance Tax Act (1984). What is a probate valuation? Essentially, the purpose of the valuation is to ascertain the total value of the assets held in the estate. There are a number of reasons why this is important. In the first instance, a probate valuation will be required to show whether or not Inheritance Tax (IHT) is due on the estate and, if so, how much will be charged. This is a vital step in the process, as it will directly impact the eventual sums to be passed on to the beneficiaries. Furthermore, according to probate law executors are likely to find that their powers of administration are limited until a percentage of any IHT owing has been paid. As such, it is important that probate valuation occurs quickly in order to ensure that the rest of the probate process can continue. Why do I need a professional probate valuation? The value of the house, and the goods and chattels contained therein form part of the total valuation of an estate for tax purposes, and professional valuations are much less likely to be queried by HMRC, which could mean fewer delays. Can a probate valuation report be rejected by HMRC? In shory yes! There are a number of house clearance companies that are being queried by HM Revenue and Customs for inaccurate valuations, if this is the case probate valuations will be rejected causing unnecessary delays and additional expenses to executors. Our probate valuation schedules are clear, accurate and meticulously prepared in accordance with HMRC guidelines. Our written house contents valuations are prepared by experienced valuers and include photographic images alongside detailed descriptions with accurate current market values. Which HMRC forms will I need when dealing with a probate valuation of household and personal goods or chattels? You will need to complete the following forms: Schedule IHT 407: This section covers jewellery, vehicles, boats, aircraft,
antiques, works of art, or collections The forms are available online and can be downloaded from www.hmrc.gov.uk/inheritancetax/. Attach the written probate valuation to these forms when submitting them to HMRC. The contents of the property concerned realistically have no commercial value, so why do I need to get a professional written probate valuation? Even in this case it is advisable to get a professional, accurate valuation, as the Inland Revenue usually requires this, and it can also help to speed up the winding up of the estate. The majority of the personal possessions and contents belonging to the estate are antique, and are of considerable value. Can you provide specialised valuations of high value antiques and fine art? Foxtons has a considerable amount of experience in the field of buying, selling and valuing antiques and are often asked by auction houses, the police and insurance companies to value single antique pieces or whole estates. We constantly monitor the antiques & collectibles market and are fully aware of aspects such as rarety, quality, special features and can easily recognise certain things that may not be apparent to you. We want to retain some of the items. How does this work? Any item can be purchased from the estate at the valuation price. Is a probate valuation different to an insurance valuation? Yes. A probate valuation is the mid range value expected of the estimated value, but an insurance valuation will be the full value of replacement, which will generally be higher. What areas do you cover? Our probate valuation service covers all areas of the UK. Further Reading Inheritance
of a private property (Scroll down page) If you require any further information, we will be pleased to help and assist. Call Foxtons on 0800 0355 604
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