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.