CGT - Property valuation timelines on inherited home

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SuzanneObrien

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Looking for help on working out what is valid for calculations. My sister and I have inherited our deceased parent's home. Probate began in October 2019 at which time a unofficial valuation was submitted by the executor (family member who based it on most recent sale of similar neighbouring property on PPR site). Due to delays with covid and other reasons, it was not until late March 2021 that the deeds to the house were transferred to our names. We sought valuations at this point in order to prepare the property for sale and notably the market has been very favourable hence the market value of the house increased by at least 25k from original submitted valuation. In calculating if we are liable to CGT, do we have to use the Probate related valuation when the property was not officially under our ownership or can we go with the valuation received shortly after the deeds were transferred to us? Based on the bidding the property is receiving so far, the former would mean a big enough bill, the latter would most likely not.
 
Did you use a solicitor for probate ? He would have advised to hold off till you were sale agreed. You say probate began is October 19 but the 'executor year' usually is from time of death. Is there much differance in the two ?
 
Date of death was May 2019. Executor did not kick things off until late October at which point his valuation was submitted with probate documents by solicitor. The property had tenants at the time who were served an NOT of 6 months in November once the target probate date was known. Ensuing Covid lockdowns meant rules on NOT had to be extended and then further delays with registration offices due to staff shortages compounded things. We would have been ready to sell in May 2020 otherwise. Is the valuation made a few weeks after we officially owned the property (March 2021) not the more appropriate value we can reference? My thinking is we didn't gain the property until then so surely that is the point of acquisition? Would we not also have some grounds that the unprecedented circumstances caused a delay that was out of our control (world pandemic)?
 
Also forgot to note. I sold my own home at a loss in late Dec 2020, the same tax year I will likely make a gain with this latest sale. Can this be offset against the gain?
 
Ignore my last post, can see that private residence is exempt but can offset other losses (from sale of investment property from prior year) as long as we declare them in CG1. tx
 
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