DIY Probate. Over value estate?

wicksee

Update:
Just spoken to HMRC, who were actually very helpful.

They've told me unequivocally that when you declare CGT, they do not necessarily take the Probate value. You declare the initial and sold values on the CGT form. If the valuation is subsequently queried by HMRC, they will take as evidence the valuation of an estate agent if you have it in writing.
In other words, if i can obtain evidence from an estate agent that the value of the property 6 months ago was x, then HMRC will accept that valuation; I'm not beholden to my Probate valuation mistake.

So, all i need to do now is find an estate agent willing to put in writing a 6-month old valuation.
Well, it's better than nothing :-)


Advice for the OP then: get a valuation in writing. An estate agent's would be good as they tend to over-value slightly.

GDB2222

wicksee said:

Update:
Just spoken to HMRC, who were actually very helpful.

They've told me unequivocally that when you declare CGT, they do not necessarily take the Probate value. You declare the initial and sold values on the CGT form. If the valuation is subsequently queried by HMRC, they will take as evidence the valuation of an estate agent if you have it in writing.
In other words, if i can obtain evidence from an estate agent that the value of the property 6 months ago was x, then HMRC will accept that valuation; I'm not beholden to my Probate valuation mistake.

So, all i need to do now is find an estate agent willing to put in writing a 6-month old valuation.
Well, it's better than nothing :-)


Advice for the OP then: get a valuation in writing. An estate agent's would be good as they tend to over-value slightly.

It may be more sensible to pay a surveyor for a valuation. It's not that expensive, and it carries more weight.