Valuing the estate

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Valuing the estate

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

This guidance note explains the practical considerations around obtaining the values of assets held by a deceased person.

Overview

When the personal representatives (PRs), or their professional advisers, have been through the deceased’s paperwork and have identified the institutions that may hold assets on behalf of the deceased, the next stage is to write to those institutions to notify them of the death, and to obtain details and asset values as at the date of death. There may also be liabilities of the estate which also must be valued as at the date of death. This guidance note will identify the information that should be requested from the institutions and provide sample letters.

Prior to reading this guidance note, reference should be made to the inheritance tax (IHT) principles of valuation set out in detail in the Valuation of property guidance note. The PRs must identify the open market value of the assets at all times, as defined in IHTA 1984, s 160. This is the price the asset might reasonably be expected

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+

Popular Articles

Relief for employee share schemes

Relief for employee share schemesRemuneration expenses are generally deductible for corporation tax purposes as they are considered to be incurred wholly and exclusively for the purposes of the trade. However, expenses relating to shares are usually classed as capital and are therefore not

14 Jul 2020 13:21 | Produced by Tolley Read more Read more

Inter-spouse transfer

Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil

14 Jul 2020 12:01 | Produced by Tolley Read more Read more

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more Read more