IHT question

clive795

I have dealt with the Probate of an Aunts estate and have now sold the house and received all the payments from Banks and other investments.
I have paid the IHT as calculated on the IHT400. I have had a query about the Probate valuation of the house but having responded to the Valuation Office Agency they replied that they were happy with my figures and would tell HMRC.
I have not had any communication from HMRC agreeing this decision.
Will I get something at some stage from HMRC confirming that the tax paid is correct? I want to distribute the bequests but wonder if I should wait until hearing from HMRC.
I would not want to go back to inheritors and ask for money to pay HMRC if I get a later request for more tax. Partly it would make me feel I had not done a good job but more importantly I do not know the inheritors and could not be sure they would agree to a return of monies.
Thanks

Tom99

[FONT=Verdana, sans-serif]Yes you must wait until you have received a clearance letter from the IHT Office. This will say something like 'we will not be making any further enquiries'

[/FONT] [FONT=Verdana, sans-serif]You can also submit a IHT30 form which is called a clearance certificate.

[/FONT] [FONT=Verdana, sans-serif]You can chase the IHT Office by phone but don't be surprised if they take their time maybe many months.

[/FONT] [FONT=Verdana, sans-serif]Did you sell the house for more than the probate value? If so and the probate value stays the same you may have a CGT liability on the gain you will need to allow for.

[/FONT] [FONT=Verdana, sans-serif]If you sold the house for more than the probate value then the max you would should ever pay IHT on is the sale value so you could work out your max IHT and retain that in the estate whilst distributing the remainder.[/FONT]

Keep_pedalling

You could do a interim payment, keeping back a safe amount from the residual beneficiaries.