Probate issue

fredsnail

Probate has been obtained for an estate I'm working on - with an estimated value for property used for the submission.

The property has now been valued at around 15k less than was entered on the probate forms.

Do I need to notify the Probate office of the change?

There are no IHT implications.

Thanks

Yorkshireman99

fredsnail wrote: »

Probate has been obtained for an estate I'm working on - with an estimated value for property used for the submission.

The property has now been valued at around 15k less than was entered on the probate forms.

Do I need to notify the Probate office of the change?

There are no IHT implications.

Thanks

The only potential problem is with future CGT implications.

nom_de_plume

What is happening to the property? The norm would be to advise on changes in value at the time of a sale, if that's the plan. If being transferred to a beneficiary and there's no IHT issues, I'd probably leave things as is.

getmore4less

HMRC say don't revise the capital return if no IHT implications,

(it's in one of the help pages somewhere about estimates)

if getting sold should be no issues.

if being kept then then depending what haapens to it not having the value assertained may come back into play when it is sold in the future.

sammy1234567

The estate I'm dealing with may have a slightly higher value than was declared on the Probate forms. Possibly a matter of £5K more than I thought. I phoned HMRC and asked what to do and they said, because there was no effect on IHT, I shouldn't do anything at all.
I will eventually contact HMRC in writing too. But they didn't seem to mind when I phoned them.
So probably there's no IHT issue at all in your case and you don't need to worry. If you are worried, ask them or put it in writing.

fredsnail

Many thanks to all who've taken the time to read and reply.

I've asked the beneficiary what they would like to do with the house - they don't live in the area but the house has previously been let so they may wish to do that rather than sell it.

Thanks again.