Inheritance tax - what happens if property sale is less than probate logged amount? 29 July 2022 at 2:13PM in Deaths, funerals & probate 2 replies 154 views

slewis1972

Hi

 Looking for some advice before asking solicitor consider it costs me money on each correspondance.

Property sale in probate for late mother was 1.800 000. Due to the market with interest rates etc, we have had offers far less. Highest so far (which is a cash buyer) is 1.700 000, So 100 000 under probate value. There is approx 40K less to HMRC.

What happens?  Can the solicitor claim this back eg change probabte valuation on property to the sale amount?

And probate has been granted.

Thanks in advance.

Keep_pedalling

The executor can claim it back on form IHT38.

https://www.gov.uk/government/publications/inheritance-tax-claim-for-relief-loss-on-sale-of-land-iht38

slewis1972

Thanks, assume the amount is within limit as they refer to £1000or 5%?