Valuation of property

3 Posts

My aunt recently passed away and I am in the process of getting valuations on her house for probate.
Is inheritance tax paid on the valuation to gain probate or on the price a house is finally sold at?
How do I ensure I do not pay too much or little inheritance tax as house prices fluctuate?
I understand that some estate agents will give a high estimate to gain business. This may not be achieved on the open market.
Thank you for all your help
Is inheritance tax paid on the valuation to gain probate or on the price a house is finally sold at?
How do I ensure I do not pay too much or little inheritance tax as house prices fluctuate?
I understand that some estate agents will give a high estimate to gain business. This may not be achieved on the open market.
Thank you for all your help
0
Latest MSE News and Guides
Replies
Then, if the property sells for a lot more than the probate valuation, there MAY be Capital Gains Tax to pay on the difference.
If the estate is below her available nil rate band £325k ( or up to £650k if she was a widow) then it is fine to get several EA valuations and use the highest one. I say the highest one as that reduces the risk of being hit with capital gains tax when it is eventually sold.
https://www.agbudget.co.uk/product/on-site-pool-lining-system/
https://www.gov.uk/inheritance-tax