Estate inheritance, no will, late to process probate

[bob_geldof]

Parent, sole owner of property passes, no will, sibling A living at home, sibling B not living at home, siblings cant agree who should buy other one out,
7 years later sibling A gets go ahead to proceed with grant of administration and process probate so can buy other sibling out.

Is the valuation for probate taken at date of death given sibling A was occupying the property before and after parents death?
Are there any penalties for processing grant of administration / probate so late?
Assume conveyancing required by sibling A to transfer title here while processing the probate?

Thank you

 

[jpd]

The probate valuation will be the date of death, I think

The estate will be liable for CGT on the gain in value in the last 7 years.
There may be CAT to be paid depending on the valuation
The sibling living in the house may or may not be able to claim relief

This is going to be quite complicated - it would be advised to get proper legal and tax advice from a professional

 

[bob_geldof]

Thanks for the info, you are mirroring advise from consultation with a tax expert. Property would have been under CAT threshold at date of death and now following the change. I will have to investigate further on the CGT and relief situation.