Probate and Inheritance Tax

Probate and Inheritance Tax in Stoke on Trent, Staffordshire

We’re Experts In Probate & Inheritance Tax

When someone dies, any land and buildings they own are included in their estate and may be subject to Probate and Inheritance Tax. If inheritance tax is due, a portion of it must be paid before probate or letters of administration can be granted. After probate or letters of administration is obtained, the remaining tax amount will be finalised and settled.

If so, the valuation of the estate must be conducted by a chartered surveyor with the relevant experience of the particular asset class. The valuation should reflect the value of the property at the time of death. We are experts in valuing property for probate. So we can give you an accurate representation of how much inheritance tax you will have to pay.

Our Chartered Surveyors can provide you or your advisers with the relevant report for all types of residential and commercial properties. You should note that any fees associated with formal valuation advice can be offset against the value of the estate.

Learn More on Understanding Probate and Inheritance Tax in the UK

The types of properties which may need a surveyor’s valuation could include:

A private residence
Any other houses or flats that are owned as holiday homes or for investment purposes
Agricultural land and farms
Business properties such as shops, factories, offices, hotels, restaurants and public houses
Other land and buildings such as woodland, amenity land and lock-up garages
Any rights that are attached to land, like fishing or shooting rights

Contact Us Today About Probate and Inheritance Tax

We offer help on probate and inheritance tax across Staffordshire, Cheshire and Shropshire including these towns: Leek, Buxton, Congleton, Sandbach, Biddulph, Kidsgrove, Leek, Crewe, Nantwich, Market Drayton, Stafford, Stone, Cheadle, Alton, Eccleshall, Winsford, Stoke-on-Trent, Madeley, Newport, Draycott, Trentham, Shrewsbury, Wilmslow, Chester, Telford, Cannock, Holmes Chapel, Middlewich, Northwich, Macclesfield, Newcastle under Lyme.

For further advice and to book a valuation please call us on 01782 715725 or email enquiries@rorymack.co.uk

Enquire about Probate and Inheritance Tax

Common Questions about
Probate and Inheritance Tax

Not necessarily. If the estate is small and does not include property, probate might not be required. Additionally, if assets are held jointly and pass directly to the surviving co-owner, probate might not be needed.

While you can give away assets, there are rules around this. Gifts given more than seven years before death are generally exempt from IHT. However, gifts made within seven years of death may still be subject to IHT on a sliding scale known as taper relief.

There are several strategies to reduce IHT, including making use of allowances and exemptions, setting up trusts, and making regular gifts from surplus income. Consulting with a financial advisor or solicitor can help you plan effectively.

If probate is required and not obtained, the executors or administrators will not be able to legally manage the deceased’s estate. This can lead to delays and potential legal issues.