Valuations Advice Scheme

The Valuations Advice Scheme is designed to enable Tax Faculty members to seek the advice of a suitable consultant on the valuation of antiques, fine art and chattels.

The scheme is operated in conjunction with the Arts and Antiques Faculty of the Royal Institution of Chartered Surveyors, which operates a special technical helpline for our members looking for advice on the valuation of antiques, fine art and other types of personal property.

Why might you need a valuation?

You might need a valuation of assets for income tax, capital gains tax, inheritance tax or stamp duty purposes. The valuation may be required at a current date or for a date in the past.

Typical situations will be:

• Disposal or gift of assets
• Death
• Pre-owned assets charge
• Valuation of estates
• IHT ten year charge
• Insurance purposes

How the scheme works

• Call the RICS Contact Centre on 0870 333 1600
• Explain that you need a valuation and the operator will ask a simple question to confirm whether you are a member of the RICS or the Tax Faculty
• The operator will then give you the contact details of two member firms that have elected to be part of this scheme and you then call them at your convenience
• The valuer will give you up to 30 minutes of time without charge. After this it is up to you both to agree a fee for any further work.

The scheme is running as a pilot and, if successful, we hope to extend it to cover other areas of valuation.