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Where Taxpayers and Advisers Meet

Probate property value amendment

Dan_Hanson
Posts:1
Joined:Fri Nov 13, 2020 5:49 pm
Probate property value amendment

Postby Dan_Hanson » Fri Nov 13, 2020 6:07 pm

Is it possible to have the property value amended with HMRC after the Grant of Probate has been issued?
As executor to my father's estate I genuinely made an error in believing his property was worth £120k (which I declared at the time) when in fact it is worth £250k.
Even with a £130k increase, the total of his whole estate is less than £300k so still well below the IHT threshold.
Do I need to let HMRC know or would they not be interested?

The property is empty and has been since his death in August. It is due to be sold in the next month with the proceeds issued to the beneficiaries of his will.
Any guidance would be appreciated as I'm not sure what to do.

Kind regards
Danny

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Probate property value amendment

Postby pawncob » Fri Nov 13, 2020 7:55 pm

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm10806

It is essential that an amended account is submitted. The probate value is the base cost for CGT purposes, so failure to amend will result in a larger tax bill when the property is sold.
With a pinch of salt take what I say, but don't exceed your RDA


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