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Humphrey & Co
INHERITANCE TAX INVESTIGATIONS ARE INCREASING
Recent figures provided by HM Revenue & Customs (HMRC) show that in the tax year to 5 April 2019 HMRC increased their investigations into inheritance tax (IHT) paying estates by some 25%. Such investigations are carried out to ensure executors have reported the full extent of the deceased’s estate as well as checking that the correct reliefs and allowances have been claimed.
It is considered that this growth in investigations is at least partly attributable to the complexities of the residence nil-rate band (RNRB). This relief was first introduced in April 2017 and by 6 April 2020 there will be potential for up to £175,000 of RNRB to be claimed, with a possible doubling up of this relief for some couples to £350,000. This is a potential saving of up to £140,000 in IHT on some estates.
As executors have a responsibility to deliver a correct IHT account to HMRC, if an investigation uncovers errors resulting in underpaid IHT then, as well as interest on unpaid IHT being due, there can also be penalties imposed by HMRC on the executors.
Our Trust & Estate Support Services (TESS) team are probate regulated by the Institute of Chartered Accountants in England & Wales with substantial experience on assisting executors with completion of IHT forms and calculating the IHT tax due. They can also advise on the responsibilities of executors as well as guidance to lay executors on how to administer estates.
For further information please contact Amanda Eade or Sue Pocklington on 01323 730631.
GOOD LIFE SHOW
Our Trust & Estate Support Services (TESS) team are taking a stand at the Good Life Show in Eastbourne on Thursday 26th September. The show is open to visitors from 10.30am to 3.30pm, in the new Welcome Building at the Devonshire Quarter.
The lifestyle show covers many areas of interest and brings together a wide range of exhibitors with an appeal to people over the age of 50.
The TESS team will be on-hand to offer further information on their services including:
- Inheritance Tax
- Probate Applications
- Estate Administration
- Trust Administration
- Wills and Lasting Powers of Attorney
Further details can be found on the Good Life Show website at http://www.goodlife.esf-