In February 2014 my father died leaving me (his son) and my sisters his house. At the date of his death the property was valued at £1.2m by a surveyor.
As his estate was valued at greater than £325k, IHT was paid at the time. We are now (a year and a half after his death) looking to sell the house. Estate Agents have valued the property at £1.5m.
My question is: if we sell the house for £1.5m then will we just need to pay CGT on the £300k capital gain... or will HMRC require that IHT is re-calculated and the actual value of the house (£1.5m) be used for the calculation rather than the estimated value (£1.2m)?
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