I am dealing with a non taxable estate. The value of the estate was covered by the nil rate band and transferable nil rate band.
We obtained a value for the deceased’s house in May 2024 when she died which was then agreed for sale in July 2024 for £30k more and has now sold.
As no formal reporting was required for IHT, how does this work? It would appear that the original value declared for IHT purposes for the probate application was incorrect, otherwise we will need to consider CGT.
Many thanks
Rachel