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Posted Mon, 12 Feb 2024 11:48:37 GMT by
I have had probate granted but the value entered for a property was incorrect, i have checked and this does not affect IHT but will give an issue when the property is sold due there being a difference of £190000. What is the best course of action or how do you record a correct valuation for future.
Posted Wed, 21 Feb 2024 11:08:29 GMT by HMRC Admin 20 Response
Hi Woodend,
The probate value is what HMRC use as the cost price. You would therefore need to contact the probate department to see if they are willing to change this.  
Thank you.
 
Posted Wed, 21 Feb 2024 12:29:38 GMT by
I have contacted the probate office and they replied there is no need to change it as it does not change IHT, and capital gains tax is HMRC issue. Now completely confused with no answer.
Posted Wed, 21 Feb 2024 16:33:38 GMT by HMRC Admin 20 Response
Hi Woodend,
Probate value is normally the base cost for working out if any capital gains is due. In some cases, it may be possible to amend the probate value if there is evidence
to suggest that the initial valuation was incorrect.
This can involve providing supporting documentation and professional property valuations to demonstrate the true market value of the house.
You would need to take this matter up with probate and IHT.
However, if the porpoerty has been sold you will need to use the initial probate value to meet the requirement of reporting and paying within 60 days.
Thank you.
Posted Mon, 25 Mar 2024 17:20:55 GMT by Philip Adams
I have just been granted probate,that is 30000 pounds less. I did amend it at during the process, There's nothing they can do I have sent emails and screenshots of emails and proof that I have been honest , all i a. Being told. It's not over a million pounds, and all I keep saying is.I'm going to pay capital gains tax.And it is not my fault and the evidence is there please help

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