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Posted Mon, 05 Aug 2024 21:39:06 GMT by James Saunders
We had an estate agent give a verbal valuation of my mother's house in November 2023 at £375,000, but when we listed it another agent valued it at £425,000 and it sold for £420,000. The whole estate was well below the Inheritance Tax threshold and the higher sale price did not change this. Is there a way to report this to HMRC to use the actual sale price not the valuation price and therefore not incur any CGT? If so, how should we do this and what evidence will we need to present? Many thanks
Posted Wed, 07 Aug 2024 12:37:46 GMT by HMRC Admin 10 Response
Hi
You would need to take an average of the 2 valuations and that will be the purchase price for working out any CGT due.

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