Proposed changes to inheritance tax legislation mean that HMRC will be scrutinising asset valuations more closely. It is now more important than ever to understand the true value of your assets so you can plan effectively for the future.
A good first step is to commission an appraisal valuation, to give an indicative value of your property and the insight you need to make informed decisions about your estate and future succession plans. If you decide to gift or transfer part, or all, of your estate, or upon death, a full Red Book Valuation will be required, but having an up-to-date valuation and a nominated Agent will make this next stage easier.
For IHT purposes, HMRC will accept a detailed Red Book Valuation of assets at the time of gifting or upon death. It covers all elements of the estate, including property, livestock, and deadstock, and is carried out by a RICS Chartered Surveyor. Having a nominated Agent already in place will make that process easier.
If you need advice on general appraisals or Red Book Valuations contact D&R Director Graeme Ferguson on 0131 449 6212 (07854 899 323) or email GF@drrural.co.uk.
