INDEPENDENT BUSINESS VALUATION SPECIALISTS
XVALUNITED
KINGDOM

Probate & inheritance tax
Defensible values for HMRC and families.

For an estate containing unquoted shares, the valuation must address the actual holding at the relevant date. A company’s total value cannot simply be divided by the number of shares without examining rights, restrictions and the statutory basis.

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Independent opinionSame-day reviewStrictly confidential

IHTA s.160

Open market value standard

BPR

Business Property Relief interaction

SAV

HMRC Shares & Assets Valuation

A confidential conversation

An important decision deserves an independent view.

Tell us about your company, your objectives and your timeframe. We will review the instruction before proposing a scope, fee and delivery timetable.

  • Independent opinion, never an automated estimate
  • Scope, fee and timetable agreed before work begins
  • Confidential from the outset

Prefer to call? +44 20 3996 6807

Prefer WhatsApp? Message us on WhatsApp

What happens next

  1. 1.We review your enquiry the same working day
  2. 2.A short call to understand your circumstances
  3. 3.A written scope, fee and timetable is proposed

No obligation. No automated valuation. No documents required.

When you need it

Typical situations
we are instructed on.

01

Shareholdings in an estate on death

02

Lifetime gifts and trust transfers

03

Business Property Relief qualification reviews

04

HMRC Shares & Assets Valuation enquiries

Technical brief

Apply the correct statutory basis

For inheritance tax, section 160 of the Inheritance Tax Act 1984 defines market value by reference to the price reasonably expected on an open-market sale. This is distinct from the capital gains tax provision in section 272 of TCGA 1992. The report must identify the relevant tax and date.

Assess the holding and available evidence

We consider the size of the interest, voting and economic rights, dividend history, asset backing and maintainable earnings. Subsequent information is used carefully: evidence about conditions at the valuation date is different from a later event that could not then have been anticipated.

Keep value separate from relief

Business Relief eligibility and the rules in force at the date require specialist tax advice. Relief changes do not mechanically change the company’s commercial value. We provide valuation evidence to support the adviser’s reporting and any HMRC discussion; HMRC acceptance is not guaranteed.

Methodology

The methods we apply — and why.

01

Statutory open market value

Hypothetical sale between willing parties with the information reasonably available at the date of death or transfer.

02

Interest-specific discounts

Minority, marketability and restriction discounts justified by the rights attached to the shares.

03

Related-property analysis

Aggregation with spouse holdings under IHTA s.161 where it increases value.

Key valuation issues

Where value is won or lost.

BPR reform

From April 2026, 100% relief is capped and excess value relieved at 50%, making precise values far more material.

Excepted assets

Surplus cash and investments may fall outside BPR and need separate valuation.

Information standard

The hypothetical purchaser’s information is a frequent point of debate with SAV.

Penalties

Careless undervaluation exposes personal representatives to penalties; a reasoned report mitigates the risk.

Your instruction, clearly defined

Scope agreed before work begins.

We agree the valuation purpose and date, the interest being valued, the methods considered, the information required and permitted reliance. The written proposal sets out the fee, VAT treatment and delivery timetable. The result is a documented expert assessment — not a transaction guarantee or an automated estimate.

Primary sources & professional references

Inheritance Tax Act 1984, section 160 — Market valueHMRC — Shares and Assets Valuation Manual

General technical information. Legislation must be checked at the instruction date. Legal, tax and accounting advice are outside the valuation scope unless expressly agreed.

Questions

We support executors and their advisers in correspondence with SAV, explaining and defending the valuation.

Related expertise

Other valuations we perform.

All valuation services
EMI & employee share schemes

EMI & employee share schemes

AMV and UMV analysis for employee options and share-based incentives.

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Growth shares & restricted securities

Growth shares & restricted securities

Value participation rights, hurdles and restrictions in incentive arrangements.

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Succession & family transfers

Succession & family transfers

Establish a clear value for family succession, gifting and long-term planning.

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