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Where Taxpayers and Advisers Meet

Capital Gains

LEE1981
Posts:9
Joined:Wed Aug 06, 2008 4:05 pm
Capital Gains

Postby LEE1981 » Mon Aug 16, 2021 7:13 pm

A friend of mine bought a flat with an Interest In Possession trust for her parents to live in the property. She inherited the property a few years ago but there was no official probate value done as there were no other assets.

She sold it recently, does a professional retrospective valuation or would HMRC accept an estimate based on similar properties sold at the time of inheritance?

Thanks

pawncob
Posts:4916
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Capital Gains

Postby pawncob » Tue Aug 17, 2021 10:20 am

HMRC will accept a professional valuation, or even an estimated value, but make sure they are made aware of the fact that it is a valuation. If they don't accept it, they'll refer it to the VOA for a negotiated value.
With a pinch of salt take what I say, but don't exceed your RDA


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