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  • RE: CGT and probate property value

    Thank you for the clarification.
  • RE: CGT and probate property value

    Thank you for the reply. It's much appreciated. The full details of the valuation error I emailed to the Probate Registry. They did not though amend the estate value because it did not affect IHT. HMRC IHT recently advised me over the phone that, if it is an excepted estate, there is nothing for them to amend or otherwise work with either. My concern is that the 'purchase' price I specify, in reporting any CGT, may be disputed by HMRC as it will appear to exceed the total estate value in the grant of probate. I can provide my comm's with Probate (which detail the correct vs incorrect valuation) to support the 'purchase' price if needed. Is that acceptable? Thank you.
  • CGT and probate property value

    I am a sole executor for an estate. When I submitted the probate application, I used the simple estate online form that asks for gross assets and debts. The estate consists in most part of a leasehold property and is well within the IHT threshold. Following the grant of probate, I discovered I underestimated the value of the property due to a misunderstanding regarding the length of the lease. I spoke with an HMRC technician re CGT and probate property value. I was advised to report it to the Probate Registry, explaining the mistake with a view to having the estate value revised. The Probate Registry have responded saying, it is not an issue as far as they are concerned and the estate is still within the IHT threshold. They closed the case and suggested I contact HMRC. What is the correct procedure to ensure the true property value will be used in any future CGT calculation, e.g. once the property has been sold? I'd be grateful for any insights.