Gift valuation

[Bill31]

Hi

My father gifted part of the property we live in together. We have decided to stay together jointly and i want to make sure everything is in line.
When the gift was made we had to provide a value of the house to be entered on land registry. We did not get a proper valuation by a surveyor done. I just estimated the value of our house compared to what other houses on our road sold for around this time.

Can hmrc ever argue this valuation at the time of gift being made? Is this a big concern or nothing to worry about as another valuation can be done at time of death....?

[AGoodman]

The Land Registry valuation won't count for IHT/CGT although it is possible (albeit unlikely) that it could be picked up if you later used a different value to give you a better outcome. You would just have to explain the reason.

[Bill31]

So say my father was to pass away while i stay in property with him. For iht would we need to get another valuation done by a surveyour or estate agent? And thats the one that counts for iht to value his share...?