RICS Knowledgebase

There is no such thing as a valuation for probate, there is a Valuation for Inheritance Tax purposes that will be sent to probate services, but are commonly called Probate valuations.

RICS members can attend free Red Book  refresher sessions that run regularly and explain that the surveyor should make sure they understand the purpose e.g. transfer to a family member, and remind the client that it is a requirement to find out the purpose of the valuation if it seems awkward. 

Clients will often request a valuation for ‘probate purposes’, when they actually need a valuation for IHT purposes. When confirming instructions and in the report, the valuer must make it clear that although the valuation is required as part of the procedure for obtaining a ‘grant of probate’, the basis of value will be in accordance with the statutory definition. Valuers should therefore avoid using the term ‘probate value’.

The 2024 UK supplement runs alongside the 2025 Global Red Book, the relevant section of the UK supplement is UK VPGA 15.

Isurv goes into some more detail on the matter here 

More frequently encountered valuations | Specialist valuations | isurv

HMRC Valuation Office Manual entry is available at https://www.gov.uk/guidance/inheritance-tax-manual/practice-note-1-valuations-for-revenue-purposes

The question of whether a valuation for IHT not be a Red Book Valuation sometimes comes up 

The answer to this is that the basis of value will be in accordance with the statutory definition (as set by legislation and not RICS materials) however the principles of the Red Book still apply to any Valuation. Some Estate agents may offer a ‘market appraisal’ or opinion which is not a valuation.