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Where Taxpayers and Advisers Meet

Challenging the VA

Alex1966
Posts: 2
Joined: Mon Mar 16, 2020 3:38 pm

Challenging the VA

Postby Alex1966 » Wed Mar 25, 2020 3:55 pm

I am the executor of my late father's will and initially had provided a paid for redbook valuation in the hope that this would be accepted by the HMRC for IHT purposes. However, the District Valuer has come back disagreeing with the figures and overpriced the properties by approx. £400k?! I have been corresponding with the Valuer but although he has reduced the valuaton slightly on one of the properties, but I still feel they have been overpriced especially as both properties are in dire need of total renovation/rebuild. The valuer I initially used has offered to negotiate with the Valuer but at a cost which is out of question for me and to be honest I paid for a proper valuation in the first place and do not think it fair to pay an extortionate fee for them to "negotiate" on my behalf. I would also add that the Valuer has compared the property to others in the locality, many of which are different sizes and in a much better condition to my late fathers properties. Can I argue that it is not like for like? ANY ADVICE FROM THE FORUMERS WOULD BE MUCH APPRECIATED?

AGoodman
Posts: 997
Joined: Fri May 16, 2014 3:47 pm

Re: Challenging the VA

Postby AGoodman » Thu Mar 26, 2020 9:20 am

Yes, you can argue that it is not like for like.
Best sent a dispassionate reply addressing each comparison.

Alex1966
Posts: 2
Joined: Mon Mar 16, 2020 3:38 pm

Re: Challenging the VA

Postby Alex1966 » Fri Apr 03, 2020 1:57 pm

Thing is the redbook valuation company used these comparables. The valuer has just picked up on these and just assumed these properties are in the same modern and luxurious brackets as the comparables but this is no where near the standard of the 2 properties which are in dire need of completion refurbishment/rebuild. Any suggestions? I have laid this out to the valuer but they continue to ignore what they saw at the properties. It is so unfair.


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