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Change To Probate Valuation
Hi can anyone advise me please.
I’m the executor to my late Father’s Estate. I’m in the process of selling the property- waiting at the moment for probate to come through.
The probate valuation, advised by the Estate Agent, was £450,000. At that point the estate, for probate valuation purposes, consisted of a property and a large piece of land at the back. Within 3 weeks of the probate application being submitted, a neighbour has purchased (STC, Probate etc ), a section of the land at the back for £28,000. So when the property subsequently went onto the market, it included, effectively, half the land. The valuation was for offers IEO £450,000. We now have a buyer ( STC, Probate etc ), with an offer of £501,500- a marvellous offer. For CGT purposes, this means that the gain, before any calculations, is £79,500. When the time comes I shall use an Accountant to submit the CGT return to HMRC. She has raised the point ( and a valid one I believe ), that the Probate Valuation was too low. If it had been submitted three weeks later, it would have included the £28,000 for part of the land- thereby being £478,000 rather than £450,000. My question is; can the probate valuation be amended BEFORE Probate is given? IHT is not an issue as we are under the threshold.
I’m the executor to my late Father’s Estate. I’m in the process of selling the property- waiting at the moment for probate to come through.
The probate valuation, advised by the Estate Agent, was £450,000. At that point the estate, for probate valuation purposes, consisted of a property and a large piece of land at the back. Within 3 weeks of the probate application being submitted, a neighbour has purchased (STC, Probate etc ), a section of the land at the back for £28,000. So when the property subsequently went onto the market, it included, effectively, half the land. The valuation was for offers IEO £450,000. We now have a buyer ( STC, Probate etc ), with an offer of £501,500- a marvellous offer. For CGT purposes, this means that the gain, before any calculations, is £79,500. When the time comes I shall use an Accountant to submit the CGT return to HMRC. She has raised the point ( and a valid one I believe ), that the Probate Valuation was too low. If it had been submitted three weeks later, it would have included the £28,000 for part of the land- thereby being £478,000 rather than £450,000. My question is; can the probate valuation be amended BEFORE Probate is given? IHT is not an issue as we are under the threshold.
