How much are your assets worth? Some asset valuations (e.g., quoted shares) are relatively straightforward; others might cause disagreements with HM Revenue and Customs (HMRC). What is ‘market value’? For example, when valuing a chargeable lifetime gift of a property for inheritance tax (IHT) purposes, or a property on an individual’s death, its market value… Read More »
The valuation of assets for tax purposes is a tricky business. It has been called a ‘dark art’; a specialist area for experts, not to be dabbled in by other professional advisers. Get help! Even HM Revenue and Customs (HMRC) officers don’t normally engage in tax valuations of assets; they enlist the help of specialists… Read More »
Valuing assets such as land and buildings is potentially tricky for various tax purposes, including inheritance tax (IHT) on making a chargeable lifetime transfer, or on death. One area of potential difficulty is valuing joint interests in land and buildings. For example, a property in London may be jointly owned, such as by spouses or… Read More »