Valid valuations

THE RECENT PUBLICITY surrounding Antrobus 2 (Lloyds TSB Private Banking (Personal Representative of Rosemary Antrobus Dec'd) v CIR DET/47/2004) has highlighted the need for accurate valuations and the importance of the roles of the professional valuer the District Valuer and the Lands Tribunal.
It has been said that tax planning is based on fact and the interpretation of statute and that variations in property values should not impact upon the tax advice that is provided by the tax planner. So how important is the quantum of the valuation to the tax planner and does the approach of the tax planner vary with different values?

Probate and agricultural value

Clearly one obvious example of the importance of accurate property values is that of the probate value of a farmhouse with regard to both market value and agricultural value. The latter is the value of the asset used in the...