A client & his wife had purchased his mother's house back in 2007 (at the cost of the outstanding mortgage of £71K). At that point the MV would have been £90K
His mother lived on in the house until her death in 2018. It was sold for £167K. The chargeable gain after allowing for aquisition costs and disposal costs is a total of £83K. (This has been calculated using the actual purchase cost of £71K). No reliefs have been allowed as the clients never lived in the property or rented it out.
Would there be any way to value the acquisition at £90K and have the difference of £19K treated as a PET for IHT?