Valuation Reports for Probate and Tax
Offering a range of valuation reports for a variety of purposes, Hocking Associates is a team of Chartered Surveyors in Cornwall. Working throughout Falmouth, Newquay, Truro and beyond, we hold many years of experience along with local expertise that allows us to create impartial, extensive and highly professional reports.
We understand that there are many different reasons that you might need a thorough assessment of the value of your property, so we tailor our service to your specific circumstances. Here are some of the reasons that clients require a valuation report:
For Probate Purposes
One unfortunate reason that many people require a valuation report is for probate purposes, when someone has passed away. If you are the executor of the will you need to bear in mind the issue of inheritance tax. If the estate is worth more than £325,000 then the beneficiary of that estate will have to pay inheritance tax. As property often makes up a substantial part of the estate, it’s important to understand the real value of the property, as if an incorrect value is placed on the property, it can leave the beneficiary with an unnecessarily high tax bill.
A probate valuation provides an accurate assessment of the value of a property. Our extensive knowledge of Cornwall and the surrounding area as well as our experience in carrying out valuations means that we are ideally suited for your requirements. We will provide you with a detailed assessment that can be used as evidence if HMRC were to challenge the value.
For Tax Purposes
There are a number of reasons as to why you would need a valuation for tax purposes. It may be the case that the property has risen in value and will therefore be subject to capital gains tax. Alternatively if the property is going to be gifted to someone else as part of inheritance tax planning, the value will need to be established.
It is important to have a property valuation carried out so that clients are aware as to the correct amount of tax likely to be payable to HMRC and in order to avoid any lengthy, and possibly costly, disputes at a later stage. It also assists clients in their general tax planning prior to perhaps making any relevant transfers so that they are aware as to the tax implications and likely costs involved.
Whether you would like to book in a valuation or just gather more information on the range of services that we can provide, please don’t hesitate to contact us today. Call us on 01326 379222 or email our offices at email@example.com.