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Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.
I am sorry to read of the above and please accept my condolences for your loss.
Do you have any further information on the above please?
If you have no further information on the above I will be happy to provide a general answer
I'm following up on the above. Without some further information from you as above, I am limited in what I can say on the matter but in the hope it is helpful nonetheless, I will provide you with the following broad answer. If you are able to kindly provide me with the above further information or if you have any further questions generally, I will be delighted to expand on the following - please just reply back to me in this case:
Notwithstanding the above, in general terms capital gains tax will be payable based on the difference between the valuation given for probate and the price of the eventual sale.
If there is unused inheritance tax allowance in relation to the estate, and the sale took place within two years of the date your mother passed away, then you may be able to apply for a corrective entry in relation to the inheritance tax return to allow you to uplift the probate value to the price the property was sold for however this would not be something you would want to do if there was no unused inheritance tax allowance because inheritance tax is charged at a higher rate the capital gains tax and there would be no point in paying a higher rate oof tax.
I hope the above is of some assistance but if you have any further questions, please revert to me.