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Valued client?

29 October 2008
Issue: 4182 / Categories: Forum & Feedback
The correct valuation of an inherited property

In 2002-03 before I was appointed to act on his behalf my client and his brother inherited a half share of his parents' house. This was on the death of his mother.

His father has recently died and the property has now been sold and I am preparing the capital gains tax computation for my client.

My client has given me a surveyor's report showing that at the time of his mother's death the whole house was worth £500 000 and suggesting that the base cost of his half share of his late mother's half share should be £125 000. However for good or bad I have seen a copy of the solicitor's probate valuation of the mother's estate and this shows her share of the house valued as £212 500; meaning that my client's share would be £106 250. It seems that a...

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