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Old May 25th 19, 03:06 PM posted to uk.finance
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Default property valuation for inheritance tax

In 1998, when my father died, we valued our property at 300,000
pounds. This was incorrect, because its actual value was around
200,000.

Currently our property is at around 1.1 million pounds. That's the
sale price of one of our neighbours a few months ago, whose house is
similar to ours. However, other houses are selling at 1.3 million
pounds.

Is declaring a price for a house for inheritance tax purposes a matter
of guesswork, can I quote my house at 1.1 million, or are there rules
governing the declared price?

I could ask a lawyer, but I would like advice from this group please.
Thanks.

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