A Bit of News from the USA. Executors undervalued Prince’s estate by $80m, IRS saysIRS believes Prince’s estate owes another $32.4m in federal taxStar’s death in 2016 created complicated court proceedingAssociated Press in MinneapolisMon 4 Jan 2021 09.14 ESTShare on FacebookShare on TwitterShare via EmailThe controversy over the money left behind by Prince when he
Exclusive research reveals: Brits fear a raid on their inheritance to pay for Coronavirus Four in 10 people fear the Government will increase the current 40 per cent Inheritance Tax (IHT) rate to help cover the cost of the Covid-19 pandemic. The findings, from research by Tower Street Finance among 2,000 UK adults, revealed more
HMRC warns of potential probate delays caused by IHT400HM Revenue and Customs (HMRC) is advising executors and administrators not to submit their grant of probate or administration too early, as it could cause delays due to an issue matching up IHT400 and IHT421 forms. Inheritance Tax IHT400 When should you apply for a grant of
This case is a strong reminder to anyone considering Do It Yourself probate. You are obliged to make the fullest inquiries possible about the estate. In particular about lifetime gifts made by the deceased before submitting the Inheritance Tax account. HMRC is taking a hardline approach to non-disclosure of lifetime gifts. Mostly because these gifts
