Capital Gains or Inheritance??

jamesd

FriendlyJ, if the market conditions improve in a year that's a post-probate capital gain. And if living in the place - or even if only nominating it as primary residence to the tax people - then tax relief on it as a primary residence will be available and make the issue of CGT irrelevant because there is none to pay on a sale of primary residence.

You can help your case by recording the asking price of properties in the area, and any reductions in asking prices!, and checking their eventual sale prices with the Land Registry or one of the other sites that publish sale price data. This would give you ample evidence of how realistic the probate valuations were. Land Registry data is typically not available until months after the sales so it won't help you so much today, just if there's an argument later.

FriendlyJ

Many thanks for all your replies - They have been a big help. I really appreciate your time.
J