Young's Auctions

Inheritance tax (IHT) is a significant consideration when managing estates, particularly when it comes to valuing property. One of the critical aspects of estate planning is determining how the value of assets, such as property, will affect the inheritance tax owed. For individuals in Guildford and beyond, understanding the inheritance tax valuation of property is vital for making informed decisions. In this blog, we will explore the process of inheritance tax valuation of property, the role of a Guildford auction house , and how they can assist with accurate valuations and selling valuable items to reduce inheritance tax liabilities. What is Inheritance Tax (IHT)? Inheritance tax is a tax levied on the estate of someone who has passed away. The value of the estate is calculated based on the assets owned at the time of death, and the inheritance tax is applied to estates exceeding a certain threshold. As of the latest UK regulations, the threshold for IHT is £325,000, with a 40% t...