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Valuation of late mother's property for probate
Comments
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£1m?? I thought is was £325k. See...[Deleted User] said:Keep_pedalling said:If your mother’s estate is over or is near to her IHT exemptions then you really should get a proper RICS survey for your valuation rather than a free EA one.
If her estate is well under then don’t make the mistake of undervaluing it and risk a CGT issue when it sells for a lot more.
Thanks. The estate is well under the £1m tax free allowance.
https://www.gov.uk/inheritance-tax
Where's the £1m source you found, please??1 -
The link you posted above...theartfullodger said:
£1m?? I thought is was £325k. See...[Deleted User] said:Keep_pedalling said:If your mother’s estate is over or is near to her IHT exemptions then you really should get a proper RICS survey for your valuation rather than a free EA one.
If her estate is well under then don’t make the mistake of undervaluing it and risk a CGT issue when it sells for a lot more.
Thanks. The estate is well under the £1m tax free allowance.
https://www.gov.uk/inheritance-tax
Where's the £1m source you found, please??
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million.
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... or (i think) if you pass your entire estate to your spouse.....jenni_fer said:
The link you posted above...theartfullodger said:
£1m?? I thought is was £325k. See...[Deleted User] said:Keep_pedalling said:If your mother’s estate is over or is near to her IHT exemptions then you really should get a proper RICS survey for your valuation rather than a free EA one.
If her estate is well under then don’t make the mistake of undervaluing it and risk a CGT issue when it sells for a lot more.
Thanks. The estate is well under the £1m tax free allowance.
https://www.gov.uk/inheritance-tax
Where's the £1m source you found, please??
If you’re married or in a civil partnership and your estate is worth less than your threshold,
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My mum inherited everything from her husband/my dad, so she also inherits his tax free allowance. You also get an extra allowance if the estate passes to your child, and my mum also inherited this allowance from her husband. So 325+325+175+175.
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