Probate is the process of administering the estate of a deceased person, including valuing individual assets for inheritance tax purposes. Some assets are easy to value, e.g. bank accounts, stocks and shares. Other items may require the help of a professional valuer.
HMRC recently made some amendments to its guidance on the valuation of individual items within an estate, announcing a £1,000 increase in the threshold of personal items that are liable for Inheritance Tax. Having previously suggested that professional valuations should be sought for only those individual items with an expected value of more than £500, this threshold has now risen to £1,500.
If executors believe individual items within an estate are likely to be worth more than £1,500, HMRC’s advice is to seek a professional valuation of the relevant items. It is important that insurance valuations are not used for this purpose and that a specialist probate valuation based on the likely open market value is required. HMRC also advise that if the value of a particular item is unknown, it is best to seek a professional probate valuation to be certain of the correct level of value.
About my classic car probate valuation service (including resale advice)
I offer an efficient and professional probate valuation service for classic cars (or classic motorcycles) of any age and condition. I also advise on how and where to sell the vehicle for the best result, be that a fast sale, the best price, or a sensible price for sale within the family.
As HMRC insists upon accurate, independent probate valuations calculated as open market value on the day the deceased passed away to assess any tax liability, my probate valuations are prepared as open market values taking all factors into account.
Online probate valuations for classic cars and motorcycles cost £50 each and are accepted by HMRC, insurers and the courts. My valuation service is completely independent and has been used by hundreds of satisfied clients including UK solicitors and Trading Standards. Contact me to discuss this service.
Sympathy and sensitivity in probate valuations
As someone who has been valuing cars and bikes professionally for over thirty years and maintains a significant personal collection of classic cars and motorcycles, I am aware of how difficult it could be for loved ones who do not share my passion to value and dispose of my vintage car and bike collection in the event of my death. I am also mindful that they may not be in the ideal emotional state place to manage this after my passing.
I provide a sympathetic probate valuation service based on decades of experience. A background of regular instruction as an expert witness to UK law courts, with no ulterior motives to obtain or dispose of your assets means you can trust me to get the job done swiftly and with minimum stress.
Get in touch to discuss or arrange a probate valuation or to get advice on how to value and sell a deceased person’s motorcycle. For larger collections, it may be easier to value in person and the cost should not be prohibitive. Contact me to discuss this.
HMRC offers some useful guides to help complete probate forms: