CGT on Freehold

[maths]

As the aggregate estate is below £325,000 the values submitted for probate purpose are not "ascertained" for tax purposes.

Thus, in principle there would normally be no need to revisit the probate values as they would not apply for CGT purposes.

However, given the sale amounts which are materially out of line with the originally declared probate figures a so-called "corrective account" can be filed for IHT purposes as the amount is £500,000 ie in excess of the £325,000 nil rate band. However, if as you state, the surviving spouse inherits everything then there is still no IHT to pay and the probate amounts remain unascertained.

In short, if the surviving spouse inherits all, there is little point in filing a corrective account and for CGT purposes you can choose whatever values you want which are defensible and applied at the date of death.

[RobRJBS]

Thanks this has been very helpful