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Inheritance tax question
i have had a query from a friend and she's rung HMRC three times but not got an answer. i have 500k to pay in 10 instalments over 10 years.There is interest to pay on the instalments I have paid the first instalment 50K, but not the interest due with the first instalment, which is around 40K.If I pay more, before the next…
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Letter Before Action
Hello, I am currently in a Will dispute (defending the Will) and I have received a letter before action from the claimant (family member). In this letter the claimant has written a short summary of the dispute and has threatened to commence court proceedings without further notice if I don't agree to his demands but he…
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Income and Dividend taxes
Hi all, Looking for a little bit of guidance/confirmation on estate taxes (not IHT) liable on gains/losses between the date of death and the date of final distribution(s). Due to the sums involved it's likely there will be tax owing to HMRC at some point. My understanding is that we will have to pay tax at 20% on any…
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Is probate required - tenants in common first death
My FIL passed away over Christmas. He doesn’t have much in the way of financial assets to the point where I believe probate is highly unlikely to be required to release the small sums he has at various banks to my MIL. Equally he has a TPS pension and I believe they will do what they need to do upon receipt of the death…
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What if we get Probate amounts slightly wrong?
Hi everyone - my f-i-l passed away quite suddenly and my wife is his sole executor preparing Probate. His will is relatively simple - everything passes to my wife's Mum, so there is no IHT in play etc. However my f-i-l was a very financially savvy man who had all manner of savings instruments. He did all the household…
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Undervalued house for probate
“We, as joint executors, have undervalued our late mother’s estate by £60k because the house sold for that much more than expected. The estate is being distributed only between the executors. There is no inheritance tax due because my father predeceased our mother and she has his allowance. Do we have to pay capital gains…
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Grant of confirmation - additional documents
Hi guys, I've been using some of these threads, predominantly those supported by @buddy9 to complete the c1 inventory form to help me obtain a grant of confirmation so that I can sell my late mother's house Both me and my brother are will executors with equal share of estate. The house is worth £75k... And moveable assets…
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Spouse liabilities in sole director dies
If a sole director passes away for whatever reason, does his spouse (also next of kin) become liable for the companies debts, returning rented units back to their original state etc. Any advice greatly appreciated or what field a solicitor needs to specialise in to advise on this situation. Many Thanks
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Inheritance tax forms
I am executor of an estate of a friend who recently passed away. Her husband passed away in Nov 2021 and left everything to her, his spouse. (property and money). Her estate is worth about £600K. The online IHT checker is saying there is no IHT to pay. However, do I still need to complete at IHT 402 to transfer her…
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Property survivorship (or not) in Scotland
I'm getting information together to rewrite my will, spouse is also rewriting his will. Last time we looked into rewriting our wills (but didn't go ahead) we were in our old house, which definitely had a survivorship destination. I just looked at the documents for our current house and it looks like it doesn't. 1. Can I…
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Is it fair to leave my house and money only to my granddaughter as my son has fallen out with me.
My son has fallen out with me years ago but his daughter carried on visiting and helps quite a lot. I need to sort my will out and have been delaying it as my dilemma is should I leave my house and money to my granddaughter only or should I give something to my son who doesn’t want to know me.
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Scotland: distribution of estate
I fully appreciate this is, in many ways, a 'how long is a piece of string' question. Although I've acted as Executor and completed probate in other jurisdictions, I'm not familiar with the Scottish system, so my expectations may be all wrong. Confirmation was completed in November 2024, property sale was finalised in…
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IHT405 question - property value
hello all - I've searched the forum but can't find the answer, and can't get through to the helpline. It's box 12 of course. inherited property to be sold once we have probate. Have RICS valuation. No idea what carpets/curtains etc will be worth, obviously to be included. asking price will presumably be a bit more than…
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Direct Payment Scheme for IHT
I am doing some planning and discussing with the potential executor to use Direct Payment Scheme to pay IHT when I pass. Is it too risky to rely wholly on DPS and usually how long for banks to make the payment to HMRC?
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Trust Will or simple Will?
3 years ago, when my husband died, I revised my Will, and was told at the time i NEEDED a Trust Will. It cost over £300! This was put in place, but since then, I have had doubts as to the need for this document in my case, but cannot find a simple plain English explanation about just why it is necessary. I am leaving the…
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Probate/Confirmation in Scotland - DIY for straightforward estate
Hi all, Appreciate any guidance. My dad died last month and this is all new to us. My dad left a will and the estate consists of 50% of my mum and dad's home plus his ISA. My mum will remain at home. I believe there is only one form to complete now - C1 form to Sheriff Court with £270 fee. Once we have confirmation there…
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Halifax and Bereavement
My father recently passed away ,he had an account with Halifax. So rather then sort my dad‘s estate and bank accounts over the phone I thought it be better to go into the bank and do it face-to-face. The lady in the bank Hold me that’s sorting my fathers bank accounts can only be don online or over the phone. so she called…
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Pecuniary legacy interest payments
My father's will left a set amount to my late brother's wife, who lives overseas. We have been trying to pay her the money but she is not returning the necessary papers to my solicitor to confirm identity etc. I have spoken to her, messaged her and emailed her. My solicitor has done the same, but for some reason she…
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IHT 409 help please
Thanks in advance everyone My Dad had 2 work pensions. One of which was a final salary type and I have had confirmation that there are no post benefits due. Children only so nothing left on that one. He had a separate draw down type where there is money left in the pot. He died under the age of 75 sadly and it's a…
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Equini** - dividend cheques issued with unusable payee - warning to others
30 months after my mother passed away, I'm still trying to conclude items. The latest which I've been helping my co-executor with is Equini** whose latest escapade is this... We completed their incomprehensible transfer forms, requesting they pay in any monies due into our probate/joint account. Instead, they issued 8…
