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The appeal concerned the valuation of a property for inheritance tax purposes. The taxpayer inherited the property in September 2005.
The property was a two storey mid-terrace Edwardian house in reasonable condition but in need of improvement.
The appellant said that the market value of the property on the date of death was £400 000. This figure was based on local knowledge of property in the area and 25 years’ experience. HMRC’s valuation of £475 000 was based on sales of six broadly similar houses.
The property was subsequently placed on the market by the appellant in the summer of 2007 at £650 000 and sold at the asking price later that year.
The Upper Tribunal judge decided that HMRC’s valuation of £475 000 was more realistic. The judge said that on two occasions the evidence provided by the appellant’s...
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