Topic

Introduction

There are two purposes for which legacy property usually requires a valuation to be undertaken. These are:

  1. As part of the grant of probate;
  2. As a disposal of a charity asset.

A valuation for the grant of probate is frequently referred to as a probate valuation, although more correctly known as an Inheritance Tax (IHT) valuation. A valuation for the disposal of a charity asset is frequently referred to as a ‘Charities Act Report’ or ‘Section 119’ report as the requirement for professional advice on the disposal is a requirement set out in Sections 117-119 of the Charities Act 2011.

The valuations for both purposes require a value of the property to be stated. There are differences in the content of the reports and approach that the valuer must take which can lead to contradictory, or at least, different advice being reported.