Capital gains tax on an inherited property

I understand that i would be liable for capital gains tax on any increase in property value from the time i inherit it to the time i sell it, but how do you accurately come to a valuation figure at the time of inheritance? Do i need to get an official valuation? if so what is considered reliable for tax purposes?

Hi,

Probate will have given it a value at that time.

If there is no probate, you will need to contact an estate agent who can give you a valuation based on similar properties sold at the same you inherited it.

Thank you.

Hi, thank you for your reply. The probate doesn't have the value of the property. I'm now contacting a surveyor company to help me do the valuation. But they need to know the date to valuate. So should "the time when I inherited it" be the date when my mother passed away (Nov 2020) or when the Probate was set up (March 2021)? Thank you.

Hi VM Lee,
The date to value the property is the date that the owner died.
From that date, the property either becomes part of the deceased's estate or if named in a will, the property becomes the beneficiaries.
Thank you.