Market valuation for probate
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Thanks again
The plan is new kitchen and bathroom plus full decorating - should be very achievable in 10k budget
I will call hmrc - that was something I thought might be a good idea.
Suggestion to transfer to 2 yes - had thought this might be useful . I do think that there is opportunity to make 10k - property in great location and 3 from about 30 properties sold in last 3 months for around asking price . We probably won't have any CGT 😊
Don't think we would lose out so we re thinking worth a punt
Appreciate all the help0 -
For all things tax a google search with HMRC as the first word and suitable other words gets you into the HMRC pages on all things tax.
with carefull selection of the other words(practice) you will find more things to read than you would ever want.
HMRC estate CGT allowance
finds for example
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
http://www.hmrc.gov.uk/manuals/tsemmanual/tsem7413.htm
the later gets you into the concept of assertained values, when CGT is involved.
With valuations of property where no IHT is due it is often a reasonable idea to err on the high side of any range that research shows are the realistic market values.
There is also the concept of leave something for the next person, if there is a competative market there may be a buyer that is happy that there is still some work to do like a kitchen they can make their own.0 -
Thanks again all
I managed to speak with HMRC for probate and they were helpful . I plan now to speak to the CGT department before we make a decision.
I will also look at cost to get the property into both my sister and my name
I think we need to cost out and decide if it is worth our while giving up the annual leave fort the potential gain and hassle . We do have someone reliable to do the kitchen and bathroom
But the next thing is to get probate sorted
Appreciate the help0 -
When I got probate valuations all agents told me that probate valuations on most things, houses included, are lowish, so that the estate would not be liable for IHT on something which at that time i.e of valuation, is only an estimate. It's perfectly legitimate and usual practice.0
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When I got probate valuations all agents told me that probate valuations on most things, houses included, are lowish, so that the estate would not be liable for IHT on something which at that time i.e of valuation, is only an estimate. It's perfectly legitimate and usual practice.
Then you were given bad advice as all figures for probate and IHT must be open market values.
Houses do of course sell for what someone will pay. If it's different to the probate figure and affects tax then you tell HMRC and it is adjusted.:heartpuls Daughter born January 2012 :heartpuls Son born February 2014 :heartpuls
Slimming World ~ trying to get back on the wagon...0
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