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.