Valuation is at the core of much of our day to day work as an agricultural valuers. While there are always set factors that will dictate some elements of valuing, much of what we do is definitely an art developed through years of experience coupled with in-depth understanding of needs and extensive local knowledge.
Whether the valuation is for the bank, or land or farms or valuing the losses a client may have suffered for access taken by a third party to construct a pipeline or cable scheme.
The one area of valuations that used to be a minor part but is becoming more and more important, is that of valuations for tax purposes, either following death for Probate or for Capital Tax following the disposal such as Capital Gains Tax.
It increasingly seems to be the case that a number of the professionals involved in such valuations do not provide what it necessary for HMRC, particularly for Probate valuations. The criteria for Agricultural Property Relief is becoming more stringent and needs to be addressed in the valuation.
During the last five-plus year Rostons Director Tony Rimmer has routinely commented on Agricultural Property Relief and the eligibility. It is interesting to note that whilst he has done this, very few valuations, if indeed any, have been questioned by HMRC or the Valuation Office.
Increasingly, Tony is being called in to resolve issues where other valuers have undertaken the initial valuation but failed to address the simple key criteria. If you are not using us for your clients’ Probate valuations, do give us a try. I am sure you will be pleased with the outcome.