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relevant, surely? If you are passing on less than [£1 mm] of primary resi property it's IHT exempt anyway so the valuation doesn't matter. I was envisaging the scenario where your agent says it's worth 2, you pay tax on 2 but when you go and test the market it was only worth 1.8 so you paid too much tax.
I would guess high-value London property now funds the bulk of IHT receipts for this reason.
NickCJ-
The issue I remember my parents having to deal with is IHT being due for payment before a property sold.
So unless the cash held by the estate covered that you could be in a bind to close probate and sell a house.
Always get the house undervalued. Tell them it's a probate valuation and they are your preferred estate agent (winkwink)
Grumpy_Git
It’s certainly irrelevant in London!