A Probate Valuation establishes the value of a property that is subject to inheritance tax at the date of death. It reflects the open market value of the property, which can be subject to HMRC scrutiny.

A Probate Valuation differs from a Market Valuation, which considers a wider range of factors beyond the open market value.

As a matter of fact, properties subject to market value can achieve a higher sale figure if their features are particularly desirable, or if there is a high demand for such properties compared to the supply of such properties. In cases where the property is subject to a probate valuation, this type of variable does not apply.