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Inheritance Tax - probate house valuation
JSD_2
Posts: 1 Newbie
in Cutting tax
Hi,
My father recently passed away and I am in the process of getting the house valued for probate purposes/inheritance tax. I have had several valuations and all of the estate agents involved have valued the house at the lower end of the scale in order to help reduce the inheritance tax liability. (House is probably worth 375k but probate valuations have been between 330 and 340k).
My quesions are (1): how often/likely is that the inland revenue will challenge the estate agents' valuations and get the district valuer involved?
(2) If the district valuer gets involved how do you go about negotiating the true value of the house, given that the house is only really worth what people are prepared to pay for it?
Any advive would be greatly appreciated as all this form filling is driving us all mad!! :-)
My father recently passed away and I am in the process of getting the house valued for probate purposes/inheritance tax. I have had several valuations and all of the estate agents involved have valued the house at the lower end of the scale in order to help reduce the inheritance tax liability. (House is probably worth 375k but probate valuations have been between 330 and 340k).
My quesions are (1): how often/likely is that the inland revenue will challenge the estate agents' valuations and get the district valuer involved?
(2) If the district valuer gets involved how do you go about negotiating the true value of the house, given that the house is only really worth what people are prepared to pay for it?
Any advive would be greatly appreciated as all this form filling is driving us all mad!! :-)
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