Can I pay the inheritors?

clive795

I am the Executor of the Estate of my aunt.
Probate has been granted, her house sold and all saving and investments recovered.
I submitted an IHT30 and have had a response which agrees my figures and tax payment in relation to the house but makes no mention of the savings and investments.
I have paid all the tax in relation to the savings but should I have the same confirmation from HMRC?
It is over a year since the death and I would like to finalise everything but the inheritors have no connection to me or the family and I would not be able to ask for monies back if HMRC decide I should have paid more IHT.
Do I just have to keep waiting or have I had all that I am going to get?
Thanks

AnotherJoe

Someone posted here on a very similar situation they were informed by HMRC that if they hadnt heard after 12 weeks they were OK. I would contact them to be sure.

Tom99

I thought IHT30 covered everything. Which section did you fill in?
I filled in Section A - Liability arising on a death

Yorkshireman99

clive795 wrote: »

I am the Executor of the Estate of my aunt.
Probate has been granted, her house sold and all saving and investments recovered.
I submitted an IHT30 and have had a response which agrees my figures and tax payment in relation to the house but makes no mention of the savings and investments.
I have paid all the tax in relation to the savings but should I have the same confirmation from HMRC?
It is over a year since the death and I would like to finalise everything but the inheritors have no connection to me or the family and I would not be able to ask for monies back if HMRC decide I should have paid more IHT.
Do I just have to keep waiting or have I had all that I am going to get?
Thanks

Probate is not granted until HMR&C have passed it but give them a call to double check.

AnaBenjie

There will be income tax to pay on any income for the Estate after the date of death. I telephoned HMRC but they didn't direct me to the correct form (but I believe there is one). (I do know that there is no nil tax band for the estate, i.e. no personal allowance.) I settled it by writing to the HMRC (the telephone call gave me the address) with details of the deceased and estate income income since death. They made the assessment of Income Tax due and I and settled it with a payment from the Executor account. In my case it was only a few hundred pounds and was more than covered by a small balance I had kept in the Executor account after the main distribution for the purpose. I then distributed the balance.

clive795

Thanks for the replies.

I have had Probate since January, I just need confirmation that the £246K they have had covers all the Tax !
I filled in Part A of the IHT30 but response only details the tax I paid in relation to the property, it confirms I have paid enough tax for the value of the property. There is no confirmation that the Tax I paid for the savings and investments is correct.
In some ways it doesn't matter if I have to wait but there are six inheritors waiting for £150K each and I want to be able to show I have done all I can to resolve everything.
I will ring HMRC and see if they can help but last time I spoke to someone with no knowledge of the actual case who was only able to give advice in general terms. The most interesting part was when they told me that they don't read post until has been sitting in an 'in' tray for six weeks.
Thanks again

Tom99

clive795 wrote: »

I filled in Part A of the IHT30 but response only details the tax I paid in relation to the property, it confirms I have paid enough tax for the value of the property. There is no confirmation that the Tax I paid for the savings and investments is correct.

[FONT=Verdana, sans-serif]Did you not get the IHT30 form back with Section H signed and stamped?[/FONT]
[FONT=Verdana, sans-serif]The reference to 'property' on the IHT30 Form means everything owned by the deceased not just real estate.[/FONT]

clive795

Thanks Tom99,
That’s the bit that was confusing me, I assumed ‘property’ meant the bricks and mortar.
I have the stamped and signed IHT30 so it seems I can pay the beneficiaries.
Thanks all

Yorkshireman99

clive795 wrote: »

Thanks Tom99,
That’s the bit that was confusing me, I assumed ‘property’ meant the bricks and mortar.
I have the stamped and signed IHT30 so it seems I can pay the beneficiaries.
Thanks all

The technical term for bricks and mortar or land is “real property” but is seldom used except in a legal context.