Classic motorcycle valuations for probate or sale.
Finding someone in the UK to do a probate valuation for a classic motorcycle collection is not easy. The person seeking a valuation is usually an Executor of a deceased estate. They are usually closely connected to the person who’s assets are being assessed for inheritance tax calculations. This is required by HMRC. It can be a traumatic time. Many assets have to be accounted for. This can include a collection of vintage, veteran, or classic motorcycles, along with their parts.
If the executor isn’t fully engaged in the classic motorcycle world, it can be difficult to know who to turn to. This is where I can help at TheTimingChest.
HMRC will require an independent classic motorcycle valuation for probate, or sale, from a suitably experienced valuer. In the event, it’s just a piece of paper accurately listing any assets that are individually worth over £1500. It shows a sale value attached to each item. I say “sale value” rather than asking price. These can be very different. What the probate valuer is providing here, is a best judgement of what the item(s) will actually sell for in the current market conditions. Contrary to general belief, classic motorcycle valuations for probate, or sale, can go down as well as up over the years.
How can you get a UK Classic motorcycle valuations for probate or sale?
TheTimingChest.com has been involved in the classic, vintage, and veteran motorcycle world for a number of years. Prior to setting up TheTimingChest, I have been involved with old motorbikes for over 30 years. I have been riding them for around 50 years.
While experience counts, it’s not everything when it comes to providing a professional probate valuation. The motorcycles have to be thoroughly researched and condition assessed. The facts are then collated. The selling price comparisons are researched in the current classic and vintage motorcycle market. It’s important that the deceased estate motorcycles are compared to the current market as HMRC wants to know what they would actually sell for today.
The probate valuation is then presented in a PDF format with inclusions such as the make, model, engine number, frame number, comments that are specific to the condition. The PDF valuation will also state a selling valuation. Comparisons are provided as evidence when required.
How much does it cost?
If it’s just one motorcycle, it can be done online. Provided you can complete an online form and agree that all of your representations are full and complete, the price is £80. You will also need to state that there is no pending litigation or expected. You can read more on this page about how you can get a UK Classic motorcycle valuations for probate or sale.
If you have more than one classic, vintage, or veteran motorcycle that needs a probate valuation for HMRC, please contact me. I am very happy to discuss how we can value the collection. It usually involves my attendance where I come and collate the information that I need. The cost for writing a probate value for a collection is surprisingly inexpensive. In the first instance, please let me have your contact details here and I will get in touch.
Notes:
All submissions and conversations are treated in strict confidence. I will not reveal the location of the motorcycles / parts, unless you make a request for me to do so.
HMRC form (IHT407) to collate personal items & values in the event of reporting for Inheritance Tax calculations.
HMRC guidance on how to value an estate for inheritance tax and then report it.
