property valuation for inheritance tax

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.
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On 25/05/2019 16:06, snipped-for-privacy@invalid.invalid wrote:

You get a professional probate valuation. A probate valuer will know how to value it as low as acceptable to HMRC.
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On Sat, 25 May 2019 20:45:46 +0100, David Woolley

What happens if, instead of a professional probate valuation, I value the propety at 1.1 million and see what HMRC have to say?
One of our neighbours was valued at 1.1 million,so I can argue our house should be similar.
We didn't have a professional valuation when my father died in 1998, perhaps our guess is good as any at this point.
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On 29/05/2019 17:26, snipped-for-privacy@invalid.invalid wrote:

If you overestimate, you end up paying 40% of the overvaluation to HMRC and the the beneficiaries may not be happy with you.
If HMRC has doubts about whether the valuation is high enough, you will probably have a tough time trying to justify your valuation, whereas they would generally take a professional valuation at face value.
I'd say that using the value of neighbouring properties is going to result in far too much uncertainty.
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