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.