SVM108053 - Inheritance Tax: Foreign Land

Cases are referred via the shared spreadsheet which provide the valuer details of the property – address, tenure, valuation date and so on. The cases are allocated to a specific valuer from this spreadsheet, followed by the allocation of the digital file with additional information which usually includes the IHT400 and supplementary supporting information such as the IHT 417.

If any of this information is not provided on the form or in supplementary information the valuer should go back to the IHT caseworker to obtain the missing information.

Often a reply to a set of questions issued by the IHT caseworker is provided instead of a professional valuation.

The information provided should include details of the transferor, their spouse/civil partner and the size of the estate. This will allow the valuer to gauge the tax at risk.  If it is clear that the chargeable value of the asset(s) is not such as to cause the taxable limit to be exceeded, the valuation may be concluded on that basis without agreeing a particular value.

The information provided by IHT should also include details of any connected valuations or if SAV has previously had to consider the value of the property.

Additional Guidance: SVM150000