Hello all - I'd really appreciate some clear advice if at all possible. I've posted this in the inheritance tax forum but it has occurred to me that people who read this form might be better placed to advise.
My mum passed away in early October 2017, leaving her daughters her semi-detached home. At the time we had it valued by two local estate agents for probate - we were pretty certain it wouldn't go near IHT thresholds, and we were right. It was valued at £250,000 which we registered for probate.
Fast-forward five months to March 2018, when we had the property valued for the market. These valuations came in at between £330 - 360K, and it has subsequently just completed on a sale of £340K.
Obviously there is a clear, significant discrepancy between the valuation at death and valuation at the point of going to market (March) and sale - an increase of over 35% in five months, with no work other than maintenance under-taken on the property in the intervening period. We still aren't liable for inheritance tax, but we do now have a CGT bill. We think the change in property value is so significant as to make us want to query the original valuation and, if appropriate, change it.
My question is - can we do this, and if so, how would we go about it?
Many thanks in advance for any advice you can give.
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