Unfortunately there are times when a valuation for the purposes of inheritance tax is required. We are able to help you with this process by providing a valuation to support inheritance tax calculations (often called a probate valuation) of any art, antiques, and other personal possessions in accordance with the Section 160 of the Inheritance Tax Act 1984. The valuations are based on the open market value of the art, antiques, collectables and other chattels.
Types of Valuations
As each estate is different and will have different requirements we provide two types of probate valuation tailored to your circumstances.
- Basic Probate Valuation – The total value of the chattels are listed in a single sum with any items over the value of £500 listed separately (in accordance with the current Inheritance Tax Act).
- Comprehensive Probate Valuation – Alongside a total valuation of the chattels of the estate, all antiques, art and collectables are listed on a room by room basis, with each item being photographed and ascribed a current open market valuation (even if the value is less than £500).
Once a Grant of Probate is in place we are able to offer you guidance as to how best to handle the sale of items and arrange a house clearance.
It is important to ensure that your possessions are adequately covered should the worst ever happen. We will make a full inventory of high risk items such as furniture, clocks, silver, ceramics etc and ascribe a current replacement value against each. Each valuation is fully illustrated and you will be provided with two copies of the valuation alongside a digital copy on a USB stick which can be easily kept in a safe. Obtaining such a valuation will also help you reclaim items recovered by the police.
Are you paying too much?
It is more common than you may think as insurance companies often link a valuation to either the Retail Price Index or the Consumer Price Index. However, as the prices of antiques are closely related to changes in interior design and fashion, it could well be that the value of your possessions have actually fallen rather than risen over the term. An insurance review will ensure that you are not over paying premiums or under insured.
Open Market Valuations
We provide Open Market valuations of work of art, antiques and collectables.
The process involves making a full inventory of high-risk items such as furniture, clocks, silver, ceramics etc and ascribing a current replacement value against each.
Fees are based on a time taken approach, not as a percentage of sums valued, and rates are £150 for the first hour and £75 per hour thereafter. To see how we can help you call on 01270 440357 or email firstname.lastname@example.org
“Please allow me to commend Mark Littler to you for your probate and matrimonial division work. He is enthusiastic and professional and his experience in the auctioneering world will ensure that he appraises your items accurately and finds the right auction house or other outlet to sell your goods at the best possible price if they are to be sold. Best of all he will deal with the complete clearance of a property and ensure that it is left clean and tidy to hand over to the personal representatives or an estate agent thereafter.”