We are approved independent antique valuers, totally compliant to HMRC standards. We are frequently asked by auction houses, the general public, and insurance companies to act as an expert witness to undertake the valuation of antique items and fine art for inheritance tax purposes. If you’re thinking of undertaking this probate yourself using HMRC’s PA1 form please remember that an executor or executors of the estate should not act as an expert witness. We have the experience and knowledge to undertake this for you.
Our aim is to value your items correctly, but also to value the contents at the lowest price possible and to prove this value, lowering the amount of tax payable.
Advice is given freely regarding inheritance tax advice and the best way to proceed with your contents valuation. We are independent valuers and are not affiliated to any auction house therefore we can give independent valuations across the spectrum.
If you are left as the executor of an estate it can be quite complicated knowing how to proceed.
We offer advice for those people requiring help in relation to whether they should make a declaration for inheritance tax purposes or not. One very important thing to remember is that one should not sell anything from the estate until the contents have been valued and declared, and this declaration has been forwarded to HMRC.
Please click here if you wish contact the HMRC for advice on how to proceed with your probate valuation.
Some people aren’t aware of the best way to proceed with a probate and may wish to hurry the process by selling certain items prior to filling out the necessary paperwork.
This is not a good idea as HMRC might very well conclude that you have sold items of worth. If you have had a part valuation or the house has been cleared in any way of normal contents, they might assume that you want to hide these items and do not want to declare them.
Some lucky people are asked when they are found by the HMRC to have sold things prior to the probate being settled to value the contents retrospectively, but valuing retrospectively is not the best way to proceed, and can be quite expensive. It is always important to remember that the executor of the estate is not necessary aware of the banking and financial details of the deceased, while HMRC obviously will be.
If the declaration made to HMRC doesn’t fully fall in with their expectancy of the contents and wealth of the individual they could very well contest the declaration.
To have the contents valued by a competent valuer is necessary and could save you quite a lot of money. Our aim is to value everything as low as possible and to prove this low value.
Sometimes we may be asked to value the contents in a property where there is nothing of any value whatsoever, which is fine as this in itself is a declaration of worth in relation to the valuation required which is necessary by law.
The threshold at the moment in relation to whether you pay inheritance tax or not is £325,000. Once the contents the contents within the property are valued you will be aware of how and close to the threshold you are.
We are completely unbiased with our valuation processes as we are not affiliated to any one auction or dealer, therefore we can advise you where to acquire the best price for your items.
When somebody dies or is in a care home and you’re not sure as to the value of the contents or whether they may be of an antique nature, do not phone a house clearance company as they will invariably charge to take it away and quite often ask antique valuers such as ourselves as to the value of the items acquired. If your solicitor is not sure how to proceed with this valuation in relation to how to dispose of the contents they should contact the Law Society and ask to speak to the practice advice service.
When we are valuing for probate or inheritance tax we will prove the value of the item as low as possible with a photographic hyperlink to a database, to prove its value, and when we are valuing for insurance replacement we will do the same to prove the highest price in terms of replacement.
It doesn’t cost much to get the items valued professionally to see if there’s anything there of value.
If there is anything of value within the contents of the property concerned we will maintain to value the item as low as we can and prove this by provincial auction prices. We will also direct you as to correct procedure to maintain the highest value of the item when the probate is finished and the best way of selling if you do so wish.
In this modern age of computing proving by hyperlink is very necessary to assist those with a less knowledgeable nature of antiques and their values.
There can be times when you unexpectedly and urgently find yourself requiring a professional valuation service for antiques. Each year, many people face the combined traumas of coping with the death of a loved one, and then having to act as executor of the estate. You can easily end up in a distressing situation of this type, needing to find someone who specialises in antiques valuations.
Malcolm Green Valuations will be able to help you under these circumstances. It can be quite complicated knowing how to proceed, but we are able to offer professional, sympathetic advice to guide you, in terms of whether or not you should make a declaration for inheritance tax purposes. We are approved to carry out antiques valuations, operating in compliance with HMRC rules.
When valuing items for probate or inheritance tax purposes, we will seek out the lowest selling price of the item in question. Furthermore, as part of our antiques valuations, we will supply you with a hyperlink to a photographic database which you can share, so that others can see the value of an object very easily, at the click of a mouse.
Planning ahead with antiques valuations
Difficulties may also arise when an elderly friend or relative has to give up their home and go into residential care. How do you know if there is anything of value amongst their furniture, paintings or ornaments for example, if you are asked to dispose of the contents of their home?
The only way to address this problem – and also to head off any potential family disputes in future – will be to have a professional valuation of the items undertaken. As experts in this field, with some 45 years of experience, Malcolm Green Valuations will be able to assist, and provide you with dependable antiques valuations which can be trusted.
We are willing to value anything from single items to whole estates, in the UK or abroad, and our fees for this work are very competitive. Our valuation services can also be helpful for tax planning purposes as well.
It is worth pointing out that the valuation service we offer is completely unbiased. We do not deal in antiques ourselves, nor are we affiliated to any one auction house or dealer. We can present you with a range of options, advising you as to where you are most likely to receive the best prices for the items in question, if you wish to sell them in due course, as well as carrying out any necessary restoration work beforehand.