Probate Valuation Of Chattels: What is an excepted estate?

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2020-08-22

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For those NOT requiring a full house contents valuations,
we suggest you use The Antique Appraisal Company.

All valuations are conducted in accordance with HMRC guidelines and fully guaranteed against rejection.

Section 256 of the Inheritance Tax Act 1984 permits the Inland Revenue to make regulations dispensing with the requirement to deliver an account of the estate for inheritance tax.

If the estate meets the conditions in the regulations, it is an ‘excepted estate’. If an estate is ‘excepted’ you do not have to deliver an account of the estate to obtain a grant of representation.

The regulations are amended from time to time to update the qualifying conditions and the financial limits. Most recently they have been amended in 1998, 2000, 2002 and 2003. It relates only to deaths in England, Wales and Ireland.

Which estates are excepted?

For deaths after 5 April 2002, there are two options depending on the main home of the deceased at death. Where the deceased was housed in the UK at death (the Channel Islands and Isle of Man are not in the UK), the estate is an excepted estate where

The gross value of the estate, including the deceased’s share of any jointly owned assets (whether passing by survivorship or under the Will) and any ‘specified transfers’s share of any jointly owned assets (whether passing by survivorship or under the Will) and any ‘specified transfers’ does not exceed an overall limit.

If the estate includes assets held in trust, their gross value does not exceed If the estate includes assets held in trust, their gross value does not exceed £100,000.

If the estates includes foreign assets, their gross value does not exceed £75,000.

If there are any If there are any ‘specified transfers’, their chargeable value does not exceed £‘specified transfers’, their chargeable value does not exceed £100,000.

The deceased had not made a gift with reservation of benefit.

Where the deceased had heir primary home outside the UK at death, the estate is an excepted estate.

The deceased’s UK estate consists only of cash or quoted shares or securities passing under a Will or intestacy or by survivorship in a beneficial joint tenancy and the gross value does not exceed £’s UK estate consists only of cash or quoted shares or securities passing under a Will or intestacy or by survivorship in a beneficial joint tenancy and the gross value does not exceed £100,000.

The deceased’s home of origin was outside the UK.

The deceased was neither resident nor domiciled in the UK for income tax purposes at any time during the period of 20 years ending with the year of assessment in which the death occurred

Estates that are not excepted

House Clearance Leeds advises If an estate is not excepted, you must complete an Inland Revenue Account to obtain a grant of representation. You should use form IHT400 in all cases if the deceased died after 18 March 1986.

When can the Revenue insist on delivery of an account?

If you have taken out an excepted estate grant, the Inland Revenue can still insist on delivery of an Inland Revenue Account. They will do so in a sample of estates. If delivery of an account is required, notice in writing will be sent within 35 days of the issue of the grant of representation. The regulations require that this notice be given to the executors or administrators rather than to any solicitor acting for them.

If an estate does not meet the conditions

If an excepted estate grant has been applied for and then the estate is found to not meet the conditions, you must inform the Inland Revenue. If this happens, delivery of an account may be insisted upon, even though the 35 day period has passed.

What happens if an account is not required?

House Clearance Leeds notes If the Inland Revenue does not give notice that they require an account to be delivered within 35 days of the grant, you are discharged from any claim for tax on the deceased’s death. However, this does not discharge you from tax if there is fraud or failure to disclose material facts. Nor will it prevent the collection of tax if further assets are discovered later.

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