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Is there an easy way to arrive at a property valuation on death?
I have acted on behalf of a client for several years. I recently completed her tax return for the year ended 5 April 2014 and this included a declaration of a capital gain on the sale of a flat.
The client is a widow and the flat was purchased in 1999 when her husband was alive. It cost about £150 000 and a further £8 000 was spent on installing a new boiler and windows. The property was sold in 2013/14 for £250 000. It was never used by the couple as their only or main residence.
Unfortunately the client omitted to tell me that the flat was purchased in the joint names of herself and her late husband and she has only just mentioned this. The husband died in 2007 and because all of his estate went to his wife there was no probate valuation of...
