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Hi, I wonder if I can test the patience of this forum one more time.
My father owned his main residence with his sister as Joint Tenants. His sister died 2019. My father did the probate. Half the estimated value of the house (half of over £700K) was used to calculate the value of her estate - IHT then paid.
My father died last October. The official estimate of the full value of the house has been used to calculate IHT by our solicitor. I'm assuming it's correct for the value of the house to be used to pay two lots of IHT - just checking!
One more question - when my dad died last October the official value of the house (done by the estate agent) was £650K. Now it looks like the house will be sold for between £560K and £575K. The IHT has just been calculated using the October estimate. I don't suppose the realistic estimate can now be used can it?
Of course the house will not be sold before the IHT is paid.
Thanks for reading.
My father owned his main residence with his sister as Joint Tenants. His sister died 2019. My father did the probate. Half the estimated value of the house (half of over £700K) was used to calculate the value of her estate - IHT then paid.
My father died last October. The official estimate of the full value of the house has been used to calculate IHT by our solicitor. I'm assuming it's correct for the value of the house to be used to pay two lots of IHT - just checking!
One more question - when my dad died last October the official value of the house (done by the estate agent) was £650K. Now it looks like the house will be sold for between £560K and £575K. The IHT has just been calculated using the October estimate. I don't suppose the realistic estimate can now be used can it?
Of course the house will not be sold before the IHT is paid.
Thanks for reading.
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