Personal Tax: Valuation of terraced house
In Hatton’s Executor v HMRC (Upper Tribunal – 23 June) the owner of a terraced house in Ealing had died in September 2005. Her executor sold the house for £650 000 in November 2007. However on the form IHT400 she declared the value of the house at the date of death as only £400 000. HMRC issued a determination valuing the house at £475 000. The Upper Tribunal upheld the determination and dismissed...
