.png)
.png)
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 IHTA 1984 s...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
