I am thinking of buying a piece of agricultural land from a relative at a price below market level. The land has to be valued for the purpose of calculating gift tax.
My relative received one valuation from an auctioneer (failing to disclose that planning permission had been turned down on the piece of land two years ago - I think this may have effected the valuation to my disadvantage). Could anyone tell me if it is ok to get a second valuation on the property (a more realistic valuation).
Thanks.
My relative received one valuation from an auctioneer (failing to disclose that planning permission had been turned down on the piece of land two years ago - I think this may have effected the valuation to my disadvantage). Could anyone tell me if it is ok to get a second valuation on the property (a more realistic valuation).
Thanks.