I have a few questions about valuing a property for Probate Purposes.
How common is it for people to value the property themselves or does the Revenue expect an Agent valuation?
If you’re planning to sell the house immediately does it really matter what the valuation is (if you’re above the CAT threshold) because both CAT and CGT are 33%.
If you intend to hold on to the house as your permanent home then a lower valuation is preferable. How does Revenue prevent people say shopping around Agents to get the lowest valuation?
I’d be very surprised if the revenue accept personal valuations.
But call them and they’ll give you the answer.
If you plan to sell the house immediately, then it shouldn’t make a difference for the reasons you stated.
However, there probably isn’t one law for people looking to sell immediately and those who are not.
The revenue can’t stop you shopping around for the lowest valuation (so do it).
But in the end it’s the Valuers professionalism at stake.
All property agents must obtain a tax-clearance certificate every year in order to maintain their licence to practice.
So they would be risking an enormous amount just to provide a below-market valuation.
Also bear in mind that Revenue want a valuation at the time of the passing of the deceased. This can change if it takes time to sell and if the valuation you give them if wildly out of line with the selling price they can penalise you as far as I am aware.
We had the problem also of the LPT valuation being significantly lower than the final selling price and we had to get a Valuer to confirm that the LPT valuation was correct at the time it was made. ( it lasts three years)
As with all queries, you should (pay if necessary),to get proper legal and accountancy advice. Don’t trust some randomers on the internet.
