Valuation form – rental income

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  • #286829
    KerryWalker
    Participant

    Hi, we have a claimant who has inherited a property with a sit in tenant. Do we need to send a valuation form re capital or do we use the rental income? Or both. Thanks

    #286830
    John Boxall
    Participant

    Capital

    BUT

    Its almost certainly worth over £16K so they wont be entitled

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

    #286831
    KerryWalker
    Participant

    Thank you. They won’t allow us to value it but we have a figure

    #286832
    KerryWalker
    Participant

    Do you have a reg or anything to back this up as I could not find anything ? Thanks

    #286833
    pbirks
    Participant

    they are the benefitical ower of a property.
    They haven’t provided the information you need to determine its value – so you have made as suumption/ draw an adverse inference that the capital value is more than £16k – they can appeal and provide the necessary documentation if they disagree with your decision

    #286835
    John Boxall
    Participant

    Reg 47 of the working age regs

    I would not bother that much, if they appeal after termination ask them either to get a valuation of the property which may well have been done for IHT purposes or fill in the form.

    If they dont then get Tribunal to direct them to do this

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

    #286837
    KerryWalker
    Participant

    Wonderful. Thank you

    #286838
    KerryWalker
    Participant

    If the will stipulates the tenant must stay there until the tenant chooses to leave or dies, does this make a difference in how we treat it? Thanks

    #286839
    pbirks
    Participant

    you astill need a valuation – the property still has a value – its not worthless simply because it has a sitting tenant.

    #286846
    John Boxall
    Participant

    As Peter Delamothe has pointed out any sort of property be it whole or a share has a value, whatever the stipulations attached.

    In any event the owner is declining the opportunity to get it valued so you make a negative inference.

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

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