Re-evaluating the estate

Even after probate or letters of administration are granted, the tax inspector reserves the right to come knocking again. HMRC may have further questions about the value of property reported in Form IHT 200. Ultimately, a fresh IHT bill could be levied on the estate, in which case it's wise to get advice from a solicitor on how to deal with this fresh claim.

If you discover that the deceased had hidden assets that you weren't aware of when probate or letters of administration were granted, you're legally bound to let HMRC know. Again, an extra IHT charge could be due.

Fortunately, this is a two-way street. If you underestimated the deceased's debt you can ask for an IHT rebate.

Whatever the scenario, if you discover that the reality of the deceased's estate doesn't match what you set out in Form IHT 200, let the tax office know sharpish!

Add comment


Security code
Refresh

Copyright © 2017 TheoryBiz.com. | "The Theory of the Business"