in 1928 a young Czech lawyer seeking safety bought a bond. In 1938 a plot of land was allocated to her in Israel but there is no record of her ever knowing about this. We strongly suspect the bond related to the land. She came to the UK. Following her death all of his assets passed to her spouse (A) he remarried and on his death his assets passed to his spouse (B). So we have a series of interspousal transfers on death none of which I assume give rise to IHT. The land is not listed in any probate. B left her estate to an adopted son and a cousin. Throughout this period the existence of the land was not known so no value was given to it during any probate.
In 2021 the family were contacted through official channels and notified of the right to the land. Three main questions now arise:
1) how to value the land for CGT purposes. No value ever having been attributed in any documentation?
2) Is it necessary to reopen the probate of the last deceased who died in 2016?
2) What value is applicable in the Probate?
Thoughts welcomed
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