Valuation Appraisal (Section 160 of IHT Act Compliant)
When you inherit a property and need to pay the taxes on it, it may be difficult to decide what is the value of the property.
According to the law, the price should be calculated as the reasonable price that would be expected if selling the property at the current moment in the open market. Notice that open market means that you cannot use the price that a sibling may offer as a favor to you, but a real, reasonable price.
It is important to get help when setting the valuation because sometimes researching the market may not be enough.
For example, if the property is in bad condition, but the value would rise significantly with some work, you must add the hope value to the property. Of course, it is not the same value once the work is done, but you cannot limit the value to the current condition without adding that prospective increase.
Receiving a Notice of Determination resulting in having to pay more taxes is always disgusting when one thinks all the taxes are correctly paid. Avoid it by getting expert advice from us and solving this issue once and for all.