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Amend Inheritance tax estate report

Incorrect value stated

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I have completed an inheritance tax estate report and logged it with HMRC as well as changed the land register for a house valued at £300k.  

It turns out the house should have been valued at £350k over the standard £325k threshold for IHT to be due. 

However, the residence nil rate band of £100k would have been avalaible so no IHT would still be payable.  I am not sure what I need to amend and with who as I would like the value reflected correctly with HMRC incase of any future sales and the land register.  As no IHT would still not be due, do i even need to inform HMRC?

Can i get the land registry to show the correct value of £350k based on the date the register was changed in April 2018 or will it only be changed now to say value amended in February 2019 to £350k.  Ideally I obviously only want it to show the value in April 2018 as £350k which it should have been.  Unfortunately it was undervalued at the time.  

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By Tax Dragon
11th Feb 2019 19:11

If you want HMRC to know the right number, doesn't it stand to reason that you should tell them what it is?

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