The following Trusts and Inheritance Tax guidance note Produced by Tolley in association with Higgs & Sons provides comprehensive and up to date tax information covering:
When administering an estate the personal representatives may need to make corrections to the initial inheritance tax account or adjustments to the initial date of death values as disclosed within the inheritance tax papers.
Whilst administering the estate, the personal representatives may find assets or liabilities owned / owed by the deceased at the date of death which were unidentified when submitting the initial inheritance tax account. The originally unidentified assets or liabilities may subsequently come to light following the receipt of:
bank statements showing transactions after death which show details of income being received, or
paperwork that is sent to the deceased’s home address
Additional liabilities may also become apparent following the personal representatives advertising for unknown creditors to come forward and claim against the estate. This should be actioned in accordance with Trustee Act 1925, s 27. The steps are as follows:
insert an advertisement in the London Gazette
insert an advertisement into a newspaper circulated where the deceased owned land
insert advertisements as the court directs, eg where the deceased lived or carried on business
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