The executors take the view it couldn't be helped.
So I'm trying to hold the estate agent to account
But hold on a minute - even with the CGT, you still received a bigger cheque with the higher sale price.
Would you have preferred the property to have sold for the lower figure?
This response falls into the view that the taxman is something to be deferred to and is an honourable institute. When someone leaves somebody an inheritance they don't think,hymm must think of the taxman tooBut hold on a minute - even with the CGT, you still received a bigger cheque with the higher sale price.
Would you have preferred the property to have sold for the lower figure?
Ah, right. see what you mean.some of you are missing the point here.
The OP was going to get the market price for the site anyway, irrespective of the valuer's valuation.
By getting the value wrong, the OP ended up with a tax bill which he would not otherwise have had to pay.
Brendan
Sorry for attacking the legals here but this is the nub of your problem. Your solicitor should have advised this. In a recent personal case the first thing the solicitor advised was to wait until the property is sale agreed before applying for probate.But it could as the property could have been put on the market pending Probate with the sale price being used as the Probate Valuation and Probate then fast-tracked to let the sale close. The Probate Office offers this facility. Their solicitor did not advise them this was a possible route.
Would there not be in effect double taxation. Assuming inheritance exceeds allowance then excess is taxed at 33%. If part of the sale price is first taxed as capital gain @33% then the balance is again taxed @33%
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