Help needed

Glimmey

Hi there, my father passed away last year nearly to the day, my sister was made executor. We were granted probate within a few months but told by solicitor that everything to be kept in the estate to avoid Inheritance Tax. The property went on the market and sold quickly, beginning of this year. We have now been told as the property sold for slightly more than it was originally valued for everything now has to go to HMRC and some capital gains tax taken off. Has anyone had this experience or know how long this process takes.

Thanks

TW1234

I am not clear about the situation described.
Are you saying that the house was valued for IHT purposes at an accepted value (possibly one that kept the estate including house below IHT exemption level) , that the house was then transferred to a beneficiary with that value but thereafter sold at a higher price by the beneficiary? If so, the beneficiary would be liable for CGT (less any allowances). Or was the house sold by the executors at a value above that originally attributed in the probate application? In the latter case, the probate value would need to be adjusted and any increased IHT paid.