If the house is not sold until sometime after the grant of probate has been issued, the value of the property may have increased above the value noted at the date of death, and this could lead to the executors incurring a CGT liability. For the year of the death and the following two years, the executors have a CGT allowance to offset this – but there could still be tax to pay. we understand that there are potentially ways to reduce that.
If the estate is subject to Inheritance Tax (IHT) and the property is sold before HMRC has issued tax clearance, (which would be unusual), HMRC will wish to take the sale price as the date of death value, so additional IHT may be payable on any increase in value. If the property has sold for less than the date of death value, the executors can usually apply to reclaim the overpaid IHT.
To download our full guide to Selling Probate or Inherited Property, click the button below
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