10:18 AM, 17th November 2021, About 2 years ago 5
My mother-in-law passed away earlier this year. I got a valuation and applied for probate. The total assets were below the IHT threshold. The house is now on the market and the value has gone up by £75k, which makes me think the original valuation was a bit low.
The quandary I have is that if the house was treated under IHT there would be no tax to pay (as double nil rate allowances apply), but as probate is granted, the value crystallises, the executors are the legal owners and the estate would pay CGT on £75k.
The house was left to children and grandchildren which increases the IHT limit to £500k, but we are selling it. Does this still count as being left to children?
Can I go back to HMRC and request an amendment to Probate?
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