Valuing foreign assets

You will need to value any foreign assets that the deceased person held. These will include foreign bank accounts, property or shares.

The need to value foreign assets is becoming a much more common occurrence with an increasing number of people owning property abroad.

Valuing foreign property

With foreign property you should use the guidelines suggested for valuing property in the UK. You should assess the value of the property using local newspapers, property websites and speaking to local estate agents.

If the property is valuable you should consider appointing a locally based professional valuer.

Valuing foreign assets

Valuing such assets as foreign bank accounts and shares should be relatively straightforward. However, if the estate includes foreign assets which are either sizable or complicated in nature then you should consider appointing professional advisers in the appropriate jurisdiction. This will ensure that your fiduciary obligations are satisfied.

Expenses deductible

Expenses incurred in valuing foreign property and other assets are deductible from the estate as a liability but are limited to 5 per cent of the value.

Valuation made in sterling

The value of the foreign assets will need to be made in sterling.

Further help

Dealing with the valuation of foreign assets can be complicated and professional advice from an appropriate solicitor or accountant may be required.

You can call the Probate and Inheritance Tax Helpline on 0300 123 1072. The helpline is open from 9am to 5pm Monday to Friday (closed on bank holidays).

To access the HM Revenue & Customs Inheritance Tax Manual, please click here.

Please note

Please note that information which we provide through Lasting Post is in outline for information or educational purposes only. The information is not a substitute for the professional judgment of a solicitor, accountant or other professional adviser. We cannot guarantee that information provided by Lasting Post will meet your individual needs, as this will very much depend on your individual circumstances. You should therefore use the information only as a starting point for your enquiries.