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Inheritance tax
pinkpawsandblankie
Posts: 1 Newbie
Hi We are working thru finalising my godfather estate and have paid inheritance tax and secured probate. We based the figure on an estimate of the value of his property. If we now sell the house and the sale price is higher than the estimate will we owe more inheritance tax??
Thank you
Thank you
0
Comments
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More likely that you need to pay CGT. The estate has a single CGT allowance, anything over and it needs to be paid on the increase between value at death and sold price. The limit is 60days to pay.If you've have not made a mistake, you've made nothing1
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It could be either and it is really going to depend on how you valued the property. If HMRC think you undervalued the house for probate purposes that may press for IHT rather than CGT.1
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