Fairline Turbo 36 for sale. Vendor not impressed.

[JumbleDuck]

Probate values are used to calculate death tax. The lower the value the lower the tax. Doesn't mean you actually sell for that figure, it's a valuation not a sale.

Do you pay CGT if the boat sells for more than the IHT valuation, as you do with a house?

 

[Sticky Fingers]

Don't know, I'm not an accountant but possibly so. There are some exceptions.

The rules on this specific situation are here:

https://www.gov.uk/government/publi...-and-legatees-hs282-self-assessment-helpsheet

 

[Momac]

Seems to me inheritance tax applies if the estate is worth over £325,000 .
I guess with time this sort of money is increasingly more common that it might have been in the past.

 

[Tranona]

Seems to me inheritance tax applies if the estate is worth over £325,000 .
I guess with time this sort of money is increasingly more common that it might have been in the past.

Not as simple as that. It would only apply nominally at that level for a single person who does not own a house. There are various ways of avoiding paying at that level so you need to have more detail of the deceased's circumstances and the terms of his will.