Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Disputed value

16 April 2010
Issue: 4251 / Categories: Tax cases , Inheritance Tax
Linda Frances Chadwick and another (Hobart’s executors) v CRC, Lands Chamber

The executors of a will disputed HMRC’s valuation of the deceased’s property. Shortly after the will-maker’s death the executors had obtained valuations from two local estate agents both of whom valued the property at £250 000. It was subsequently refurbished and is now used as a holiday home.

More than a year later after the refurbishment the Revenue visited the property and proposed a value of £300 000. The appellants sent the taxman a detailed report in support of their valuation in light of which a department inspector said he would compromise at £275 000.

The taxpayers appealed.

The tribunal judge noted that the deceased had bought the property privately rather than on the open market. Thus the purchase price – £268 450 – did not conform to the definition of market value in

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

Download the exclusive Xero
free report here.

New queries
Please email any questions you might have

back to top icon