Corrective Account and RNRB

I am dealing with a taxable estate and have submitted an IHT400 claiming a limited RNRB/TRNRB of £335k based on the probate value of the property. If the property sells for £350k or above should a formal corrective account be submitted to substitute sale value for probate value and claim the full RNRB/TNRB allowance of £350k or is it sufficient to do this by informal letter to HMRC?

Thank you for any comments

I would suggest a corrective account and a letter with an updated IHT calculation. But note that if the value has been ‘ascertained’ for IHT purposes then HMRC will treat the increase in value as a chargeable gain for CGT purposes rather than increasing the value for IHT purposes.

Ihsan Ali
I Will Solicitors

Many thanks. Much appreciated.