PROBATE VALUATIONS

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When a vehicle forms part of an estate, executors must report its open market value at the date of death. Relying on online valuation tools, dealer estimates or informal opinions can leave that figure exposed if HMRC raises a query. 

An undervalued vehicle may result in additional inheritance tax, interest or penalties, while an overvalued one can inflate the tax bill and create friction between beneficiaries when the asset is sold or distributed.

This is particularly true of specialist, classic and low-volume performance cars, where few comparable sales exist and values can move quickly. Factors such as originality, specification, service history, 

provenance, mileage and whether a vehicle is right- or left-hand drive can shift its value considerably, and many such cars are traded internationally rather than solely within the UK.

The Specialist Car Buyer independent, evidence-based probate valuations prepared by specialist valuers. Each vehicle is assessed individually, and our reports include a global market position, giving a mean international value alongside its variance against the UK market. 

Our valuations are accepted by insurers regulated by the Prudential Regulation Authority (PRA) and are prepared for use by executors, solicitors, probate practitioners and HMRC.

As private motor vehicles are generally exempt from capital gains tax, beneficiaries who inherit an appreciating car are typically not liable for CGT on any later increase in value. A robust date-of-death valuation ensures the estate is reported correctly from the outset and gives everyone involved confidence in the figure.