Amending value of house on submitted IHT400 after probate has been granted

Sinc19

Hello all,
I was just wondering, what is the process for amending the estimated value of a house on a IHT400 form where probate has already been granted? I used the average of a few valuations between a number of local estate agents, but I think the average maybe a little low (the house is not yet on the market, and isn't ready to be). Is it possible to amend this value? The adjustment upwards I am proposing to the value of the house will not result in any tax liability.
Many thanks.

RAS

It is possible that the adjustment upwards would decrease any CGT liability.

Sinc19

RAS said:

It is possible that the adjustment upwards would decrease any CGT liability.

Yes that is right. When we come up to sell it, I don't want to be in a potential situation (after the annual exemption) where we have rise to a CGT liability due to an incorrect estimate being used for the value of the property.

Are you able to help please?

Sinc19

To clarify my original post - the proposed adjustment to the value of the house stated on the IHT400 form will not give rise to a IHT liability.

Keep_pedalling

You can report a revaluation using form C4.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/371960/c4_2.pdf

How long ago was the death? 

Sinc19

Keep_pedalling said:

You can report a revaluation using form C4.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/371960/c4_2.pdf

How long ago was the death? 

Hi - thank you for your reply. My dad passed away last February, probate was granted in October.

Sinc19

Keep_pedalling said:

You can report a revaluation using form C4.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/371960/c4_2.pdf

How long ago was the death? 

There was no IHT to pay, and the proposed adjustment will not cause an IHT liability - please can you confirm that I just fill this in?

Many thanks.

Keep_pedalling

Sinc19 said:

Keep_pedalling said:

You can report a revaluation using form C4.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/371960/c4_2.pdf

How long ago was the death? 

There was no IHT to pay, and the proposed adjustment will not cause an IHT liability - please can you confirm that I just fill this in?

Many thanks.

Sorry, I am not so sure now, I thought that form was also applicable to CGT but having looked at it again it actually reveres to CTT. I think you might have to speak to HMRC, although after a year or more there is likely to be some gain anyway. 

Thrugelmir

Sinc19 said:

RAS said:

It is possible that the adjustment upwards would decrease any CGT liability.

Yes that is right. When we come up to sell it, I don't want to be in a potential situation (after the annual exemption) where we have rise to a CGT liability due to an incorrect estimate being used for the value of the property.

Are you able to help please?

Obtain a formal RICS valuation to support your revised valuation at the date of death. Then the matter is likely to be uncontested. 

SeniorSam

The sale price is always a 'gamble' as it relies on the interest the property receives when it is eventually offered for sale.

To give a realistic value for Probate is what is required, but in the event of the sale price achieving more that the figure used for Probate. the Government will expect Capital Gains Tax to be paid, which may be considerable if you have a number of buyers interested. Very Unfair in my opinion.

If you put forward a  Probate value higher that expected, particularly if IHT is not a problem. then hopefully there will not be a problem, and even when IHT is payable, then a request for refund based on the sale price being lower may 'eventually' be paid to the executors to deal with at a later date.

Keep_pedalling

How many beneficiaries are there? If more than one then you could take advantage of their individual allowances by transferring ownership ahead of the sale.