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.
Key words
Labels: inheritance tax, Property Valuations
# posted by michael @ 09:00 
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