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My client’s uncle died in October 2015. He was a single man with no children and made a will. In the will he left his home to my client and her sister jointly. Neither had ever lived in the house, it was vacant at the date of death.
The uncle appointed a nephew as executor of his will and probate was applied for through solicitors and received in June 2016. The transfer of the property to my client and her sister was completed in October 2016.
My question is what is the correct valuation date for the inheritance in this case?

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Posted by (Questions: 15, Answers: 1)
Asked on 26 April 2018 3:59 pm
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Thanks Kevin

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Posted by (Questions: 15, Answers: 1)
Answered on 27 April 2018 7:40 am
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Valuation date most likely probate date in June 2016. If they had the use of the property e.g. they lived in it before this date then the valuation date would be earlier. In this case it would not affect much as the valuation date would still be in the same basis period (01/09/15 to 31/08/16) and CAT return and payment (if applicable) was due 31/10/16.

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Posted by (Questions: 16, Answers: 630)
Answered on 26 April 2018 10:34 pm