Tax advice can be simple with the right team behind you and it doesn’t have to be complicated, involve elaborate schemes or dubious investments.
Team work, makes the dream work …and saves a lot of money too!
It can be as simple as ensuring you and your professional advisors truly understand the overall strategy to ensure you (or your beneficiaries) stand to benefit when the time comes. This can be maximising value during your lifetime and/or planning for probate purposes and beyond.
This is especially important when considering Inheritance Tax implications for probate and the drafting of Overage
In some cases overage agreements are for significant periods of time. It’s vital that today’s drafting, ensures you, or your loved ones can capture and retain the benefit in 20, 30 or even 40 years’ time.
One recent example involving our valuation, planning and development specialists, alongside our client’s accountant, resulted in a significant tax saving being achieved. Upon the death of the original landowner, their share of an overage, drafted over 20 years ago, formed part of the taxable estate and was therefore required to be valued.
Overages are notoriously difficult to value, particularly when the land in question has some future development potential (the very reason for the overage) as you are valuing a potential winning lottery ticket.
The questions of; if, how, and when your number will come up are all the subject of the valuation.
That’s where our experienced planning team work alongside our valuers advising on the detail and the likelihood of success, timescales, policy considerations, and political or other contributing factors. Having established a reasonable, realistic and justifiable planning strategy, our development team can assist with development values, applying their experience of the current marketplace and working alongside the valuer.
Our experience in valuation, overage agreements and a detailed understanding of the planning position enabled us to formulate a robust, evidence based reasoned report to present to HMRC.
The acid test was submission of a comprehensive report and valuation to withstand scrutiny, its subsequent acceptance by HMRC, and a happy client.
Valuable advice from our Property Consultants
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