Property value for estate purposes

Kirkmain

Started off as a question about who owns my late grandparents property, which seems to have opened up new questions.

When estimating the value of a property for IHT purposes, is it the value on day of death, date of grant of administration, date of probate being granted, or date of subsequent sale of inherited properties.?

Clearly these can all be different dates even spanning years, and depending on the property can lead to valuation differences of up to 100s of 1000s of £s

Hoenir

Date of death. If the property sells for a higher amount, net of fees, then CGT maybe payable. 

Kirkmain

Hoenir said:

Date of death. If the property sells for a higher amount, net of fees, then CGT maybe payable. 

If you inherit a property, then sell it many years after the person died. Who do you approach to get an estimate of the value on xxxx date in the past. A real estate agent? Or can you just get it off zoopla estimate charts?

Hoenir

The property would have been valued for probate purposes at the time. 

Kirkmain

Hoenir said:

The property would have been valued for probate purposes at the time. 

Oh of course. Thanks

Linton

Kirkmain said:

Hoenir said:

Date of death. If the property sells for a higher amount, net of fees, then CGT maybe payable. 

If you inherit a property, then sell it many years after the person died. Who do you approach to get an estimate of the value on xxxx date in the past. A real estate agent? Or can you just get it off zoopla estimate charts?

You hould use someone who is clearly competent to give the valuation, typically a RICS valuer. HMRC can always challenge a valuation with, I think, the Valuation Tribunal making a decision if agreement cannot be reached.

Savvy_Sue

A RICS valuer would be able to give an estimate at date of death which is likely to be accepted by HMRC should there be any dispute (eg about how much CGT is due because property prices have increased!)