Property valuation and CA-24

E

eco4pi

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Sorry if this has been posted before - searching previous threads did not seem to arrive at a clear conclusion. I understand the various thresholds for inheritance tax and these are not relevant for this specific question.

My query is as follows :

I inherited a property on the death of a relative. Eight months ago the property was valued for purposes of CA-24 on the instructions of the executor. Property has not been occupied since the death of the relative.

Probate was granted six months later, and property is now ready to go "sale agreed". However the sale price is significantly lower than the value submitted on the CA-24.

If I have the property re-valued as of the date of the grant of probate, can I use that for my CAT return, as that is the date on which I become beneficially entitled to real property ?
 
Your solicitor should have advised not getting probate till the house went sale agreed and that would have been the correct valuation for CAT. Why did you decide to hold out till after probate before sale ?
 
@elcato The house needed remedial work due to storm damage and was not ready for sale. The executor wished to press ahead with CA-24 to try to stay within the "executor's year". I don't think it's usual for solicitors to give this advice ("delay getting probate until house goes sale agreed", but that's not really relevant to the question I'm asking here.
 
I think the OP could use the date of the Grant as the valuation date.

The property could not vest in the OP until the Grant of Probate issued.

See this extract from Revenue

What is the valuation date?
The valuation date is the date on which the market value of a gift or inheritance is established. The market value is the best price you would get if you sold the item on the open market.

The valuation date:

  • for a gift is the date you received it
  • for an inheritance is the earliest of these dates:
    • the date the executor or administrator can receive the inheritance to give it to you
    • the date the executor or administrator actually receives the inheritance to give it to you
    • the date the executor or administrator gives the inheritance to you.

mf
 
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