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Estimating IHT

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Yazmina Posts: 310 Forumite

27 January 2022 at 12:04PM

Thrugelmir said:

Keep_pedalling said:

On you point about IHT and CGT, if you under estimate the actual value but sell for a a lot more shortly after probate HMRC will be looking to adjust the IHT valuation rather than letting you get away with paying CGT instead.

Not if you obtain a proper RICS valuation report. This runs into considerable detail and lists comparable properties in arriving at the value the surveyor places on the property. When selling my late mothers house I had the issue of potential redevelopment value to contend with. Ultimately the property did sell at well above probate value. With 4 parties bidding for the property. HMRC were happy to agree to CGT on the excess achieved after deduction of costs and expenses.

I'm just about to contact a surveyor and was thinking of requesting a building survey as well as the valuation. I thought the survey would be a good idea so that there are no surprises. Should I just leave the survey to the potential buyer and if something does come up just deal with it at the time?

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Estimating IHT

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