Docklands Solicitor

Latest legal news from Docklands Solicitors, Kaslers Solicitors LLP.

Tuesday, 14 June 2011


Inheritance Tax and property valuations

The Revenue are increasing the number of challenges they make on property valuations in the administration of estates.   They are concerned that beneficiaries/executors are undervaluing properties to save on Inheritance Tax.

Inheritance Tax is payable on the value of an estate worth over £325,000 at the rate of 40%.  Therefore on an estate liable to Inheritance Tax if the property is undervalued by say £20,000 this means the Revenue lose out on £8,000 tax and they are seeking to recover such loses.   If an incorrect valuation is submitted the Revenue can also fine the estate as well as claiming the additional tax payable.

Beneficiaries and Executors are therefore advised to get several valuations of the property before submitting the figures to the Revenue to calculate the tax.

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Call Michael Breeze on 07900 195 195 or call 0845 270 2511 to if you need legal advise about any of these issues

Kaslers Solicitors LLP is a limited liability partnership registered in England under LLP no. OC310653; authorised and regulated by the Solicitors Regulation Authority under reg no 408936; governed by professional rules set out in the Code of Conduct click here to visit and has its registered office / main trading address at Suite 3, 10 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU - tel: +44 (0)845 270 2511; fax: +44 (0)845 270 2513; DX 92863 West Malling.
The LLP Members are Michael D Breeze LL.B (Hons) (SRA reg no 110184) and Simon McCree Scott LL.B (Hons) (SRA reg no 298202).