Hi I wonder if someone could help or give a view. I am the executor of my step fathers estate and have recently received the grant of probate based on a gross estate value of £208k less debts iro £15k. The property now seems like it will sell for £220k and not as the valuation stated £200k. Is there therefore likely to be capital gains tax liable on the amount in excess of the allowance of £12300? If so, can I (or do I need to) adjust the valuation upwards to the sale price to avoid that liability?
After debts are settled, the proceeds are to be split between 5 beneficiaries.
Thanks in advance.
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