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

SeniorSam

"There was no IHT to pay, and the proposed adjustment will not cause an IHT liability " No need for transferring without any liability. Just use a higher quote that will not attract tax and the problem is solved unless it sells for more.

harrybo11

Question related to this scenario - if box 12F on IHT405 was marked as no, (“Do you want to use sale price as value at date of death?”) I assume the route correcting the property price is no longer an option and therefore one would have to report for the CGT. Is that correct?

Sinc19

Thank you for your responses.

Can anyone tell me how I go about submitting a revised valuation of the house? I know that submitting a higher valuation will result in a lower base cost and a subsequent lower gain (or higher loss).

Sinc19

Keep_pedalling said:

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. 

Thank you for your reply - I fully expect some gain (as house prices have continued to go up). I will give HMRC a call next week.