Inheritance Tax-Property estimations of 3 agents in a simple mail sufficient?

Hoenir

Bigphil1474 said:

It would be impossible for HMRC to ascertain the value of the property from the probate information, and to determine whether any CGT was liable.

CGT is only payable on the gain post death. Selling price less probate value. HMRC get their pound of flesh whatever. 

HuggieC

Bookworm105 said:

as shown on the post above, at the end of the day the Valuation Office Agency ("district valuer") is the dept of HMRC whose word is final

by submitting your own value you are asking the VOA to either accept or reject it. If they reject it then the quality of the value you offered comes into play. if done from internet sources it has low value, if done by a qualified valuer it has higher value, byt the VOA could still reject it. If you decide to argue with VOA and thus end up in a tribunal, then you will need to have a professional valuer's report for your case to have any credibility.

If you want to save money then do as you say and see what happens.
The average of 3 should be fine, especially if they have valued with a view to selling rather than for probate purposes, as they will inflate the value to sell rather than deflate for probate. 

Thank you! The 3 market price valuations by real estate agents where not done by internet but by visits and inspections of the property

HuggieC

Hello RAS and everybody wanting to comment. We would be over NIL band - is it than recommendable to better have a valuation? I understood if it would be the case that we sell it for more we would have to adopt IHT valuation and in addition pay CGT after reading more about the theme - but I still wonder: That would mean if eg. if we sell for 230.000 instead 200.000 we would need to pay 40%IHT (plus maybe interest because this comes after more than 6 month after death and increases IHT) and in addition 28% CGT=68% on the additional 30.000 - that would be bad! (Whereas if we sell for 170.000 only we can claim back IHT....). It is a huge risk than not having valuation, right? 

Bookworm105

you have lost sight of the big picture, the tax rate is not 100%
if you sell for a higher value then you still get more cash after tax than if you sold for a lower value after tax