The following Trusts and Inheritance Tax guidance note by Tolley in association with Peter Gausden, Consultant Solicitor at Rowlinsons provides comprehensive and up to date tax information covering:
This note considers the duty to deliver an account for IHT and explains which form to use in various circumstances. It covers:
For information on the principles of valuation see the Valuation of property guidance note and for valuation compliance see the Valuing the estate guidance note.
For advice on how to pay inheritance tax see the Payment of IHT on death guidance note.
Normally, personal representatives cannot obtain a grant until they have delivered an inheritance tax account giving full details of ‘appropriate property’ and its value to the best of their knowledge and belief, and until they have paid the inheritance tax, if any, for which they are liable on delivery of the account. If, after making the fullest enquiries that are reasonably practicable in the circumstances, they are unable to ascertain the exact value of particular property, it is in the first instance sufficient as regards that property if their account contains:
‘Appropriate property’ means:
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