Inheritance Tax Valuation

In practice, they are often the same report. A probate valuation establishes the property's value for the grant of probate, which is also the figure used for Inheritance Tax purposes. The same RICS Red Book valuation serves both purposes. We simply note both requirements in the report. Whether you call it a probate valuation or an Inheritance Tax valuation, the standard and format are identical.

HMRC accepts RICS Red Book valuations as a matter of policy because they are prepared to professional standards by regulated valuers. However, HMRC can — and sometimes does — query valuations, particularly where the declared value appears low relative to other property assets in the same estate or where comparable evidence suggests a different figure. Our reports include detailed comparable evidence precisely to minimise the risk of an HMRC challenge.

The valuation date is usually the date of death for IHT purposes. Where a potentially exempt transfer (PET) was made within seven years of death — for example, a property was gifted to a family member — the valuation date is the date of the gift. For lifetime transfers that are immediately chargeable, the valuation date is the date of the transfer. If you are unsure which date applies, we can advise on the appropriate valuation date during your initial enquiry, though we will always recommend you confirm this with your solicitor or tax adviser.

If the property has already been sold at arm's length on the open market, the sale price is normally the best evidence of market value and a formal valuation may not be needed. However, there are circumstances where a valuation is still required: where the sale was not at arm's length (for example, to a family member), where the property was sold some time after the date of death and the market has moved significantly, or where HMRC has queried the declared value. We can advise on whether a formal valuation is necessary during your initial enquiry.

Yes, we regularly value tenanted residential properties for IHT purposes. A property with a sitting tenant is typically worth less than the same property with vacant possession, and HMRC expects a proper, professional valuation that reflects this. Our RICS Registered Valuers are experienced in assessing the impact of tenancies — including assured shorthold tenancies, regulated tenancies and life tenancies — on the market value of a residential property.

The cost of an Inheritance Tax valuation depends on the property type, size, location and the complexity of the valuation date (for example, retrospective valuations may require additional research). We provide a fixed-price quote within 24 hours of your enquiry — the price we quote is the price you pay, with no hidden extras and no VAT added to our fees. We cover all seven counties: Bedfordshire, Buckinghamshire, Cambridgeshire, Hertfordshire, Northamptonshire, Greater London and Oxfordshire.

We aim to inspect the property within 5–10 working days of your instruction. Once the inspection is complete, the valuation report is delivered by email within 5–7 working days. If you need the report urgently — for example, to meet a probate registry or tax filing deadline — let us know and we will do our best to accommodate your timescale. We understand that estate administration can be time-sensitive and we treat every IHT valuation with the urgency it deserves.

Yes. We are regularly instructed by executors, solicitors, accountants and other professional advisers acting on behalf of an estate. We are happy to liaise directly with the executor or their professional representatives, to arrange access to the property through estate agents or family members, and to deliver the report to whoever needs it. Our reports are addressed to whomever you specify — typically the executor or the solicitor handling the estate.