Inheritance tax - Londonderry Administrative Services

Inheritance tax - Londonderry Administrative Services

When a valuation was required for inheritance tax purposes of minerals beneath Low Raisby Farm near Kelloe, County Durham, we were instructed by Londonderry Administrative Services to carry it out. The minerals were subject to a lease from 1998 between private individuals and Raisby Quarries, but through a series of assignments the quarry was now operated by Hope Construction Materials Limited - created as a result of the Lafarge and Tarmac merger. As the valuation was required for inheritance tax purposes, it also had to be prepared by a RICS registered valuer in accordance with the latest RICS valuation standards. 
 
The valuation had to consider the workable reserves remaining within the property, the anticipated rate of extraction, the rents and royalties under the current lease and the current planning position. A further consideration was the fact that Hope Construction as a new operator had an immediate internal demand for the mineral but no proven track record.
 
Our valuation report informed the client's decision-making process in terms of inheritance taxation and financial management.