Question about inheritance tax


Hi there, I hope you don’t mind me asking a few questions - any help would be appreciated?

I live in the north but have been left a portion of my aunts house in the south. We have agreed the sale and it should be through soon but CAT sent me a letter saying I have to pay the tax by the 31st October. Issue is the house was valued at 150k but it sold for 200k . If we pay the tax on 150k and pay the rest after the sale we presumably will get hit for capital gains? If we pay by the 31st then what if the sale falls through? Would we get the extra back if it later sold for less and how long does it take?

The other thing is when we tried to put in the valuation date in the CAT form it wouldn’t accept the valuation date. What date do they use for the valuation date, is it the date my aunt passed?

It’s a bit of a challenge for me to find all that money before we receive any money from the sale too.:scream:

Thank you, it’s appreciated.