Property Undervalued at Probate, just marketed and hopefully sold, is CGT payable ?

Hi , I filled out probate for my fathers estate in November 23 and got it in May 24. I naively thought the house valuation didn't matter too much as it was for whether inheritance tax was due and as long as it was under I was ok. I was not aware of CGT until today after hearing a podcast. I have the house now on the market , Total estate was estimated at £213000 all in (money in bank and house), having had the property valued the estate is now worth about £247,000. The house is to be inherited equally by my two brothers and I . I estimated the house at £180,000 and its valued at £220,000 and we have an offer of £218000, does the estate have the pay the CGT on £38000 difference, can we deduct selling costs? If CGT due what allowance does estate have and can I use my personal allowance? I have been reading that if the value of the house was not "ascertained " for probate and IHT then we can request that the property valuation / sale price is used? I can see there is a form CG34 but this appears it can only be used after the sale and could mean CGT would need paying first ? Is there any way of getting the probate figure change or the house valuation for CGT? I spoke to Probate and they said I needed to talk to IHT team who said as value is below IHT they didn't need me to do anything and to speak to CGT team. Any help on procedure would be much appreciated.

I can also see only one CGT calculator which would suggests you file individually rather than the estate?

Hi diycrazy,
Please refer to guidance at: Report and pay your Capital Gains Tax.
Thank you.

Hi diycrazy,
Per the guidance: Report and pay your Capital Gains Tax, scroll down to the section for reporting for an estate.
Thank you.

Hi, The property has never transferred from ownership so still belongs to my father (now deceased). As the property is still in my father's name the property remains part of my father's state so there is no capital gain tax as this is only applies if ownership had transferred and then the property is sold at a later date for more money. The property was never valued by an estate agent but was a guess by myself so that valuation can not be considered accurate. This information was confirmed from an accountant. Can you please confirm this information is correct. Thanks

Can I just a state that the will doesn't specify the property to be transferred. It states residuary estate to be divided at equal percentages between my brothers and I.

Hi,

The ownership of the property would cease at the time of death and would then be classed as part of the estate. A value would need to have been provided at probate and if the sale value was higher then Capital Gains Tax would be due on the estate.

Thank you.