IHT appreciation of property value after probate

dioscoredes

I know someone who ... agreed with IHT a value on a delapidated property bequest.  At the beneficiary's expense it was improved.  The Valuation Office now want to value the (much improved) property.  Where is this heading?  What steps should I take?

Keep_pedalling

Possibly an increase in the amount of IHT owed by the estate. I think you need to provide a lot more detail for anyone to be able to give a better answer, but it seems you are saying the original value was just made up by the executor / beneficiary, then money has been spent on it to improve its value while it was it was still in the hands of the estate.

Grumpy_chap

dioscoredes said:

I know someone who ... agreed with IHT a value on a delapidated property bequest.  At the beneficiary's expense it was improved.  The Valuation Office now want to value the (much improved) property.  Where is this heading?  What steps should I take?

What evidence of the value in dilapidated state do the Executors have?  EA valuations?

NorthYorkie

The value for IHT is the open market value of the property at the date of death, therefore in the state it was in at that date. Any post-death improvements are irrelevant. However if, for example, planning permission was obtained before death, then some degree of "hope value" might need to be included. More details needed.