C1 Scotland Inventory

fbvolunteer

I’m not sure how to upload the pics I took.

RAS

I'm going to guess that with only 2 posts, if won't be possible at the moment. Not sure about uploading pictures but editing and the like requires 10 posts.

buddy9

https://forums.moneysavingexpert.com/discussion/comment/81946349#Comment_81946349

Have you tried copying and pasting a screenshot.

sputnik007

Hi. I’m back. We got confirmation but now discovered some shares. Had a look and it says to fill in a corrective inventory form. As it’s an excepted estate (deceased husband, surviving wife) am I right in saying it doesn’t have to go to HMRC just the court again?

buddy9

If you need to exhibit confirmation then it is submission of form C4(S) to the court. https://www.gov.uk/government/publications/inheritance-tax-corrective-inventory-and-account-scotland-c4-s

There are completion examples of the form on the forum.

sputnik007

Many thanks. I’ll do a search for examples. Assuming value of the shares is at time of death and not current.

sputnik007

One lot of shares we have found are held with Societe generale. They have a UK branch but are a French bank based in Paris. I read that foreign shares are to be listed in the inventory but not included as part of the value for confirmation. For the Societe generale held shares, do I indeed not add to estate value?

The French shares are in euros. (I did find ref. in the chat to put the figures in the 'corrected value' slot and £0.00 in the first one). Can I also just list the UK headquarters in England and convert the euros to pounds?

It is an excepted estate so not needing to send to HMRC. Thanks for any advice.

buddy9

If there are some shares which are considered ‘estate abroad’, here is information on completion of CS(4) Page 4.

FOR ADDITIONAL ESTATE WHICH WAS NOT ON THE C1

Include a heading ADDITION

For UK assets

Use a heading as in the C1 eg Moveable estate in England and Wales

Enter the description.

In the “value as last shown” column, enter £0.00 and in the “corrected value” column insert the value.

For estate abroad

If there are shares that constitute estate abroad they should be shown immediately below the UK estate with the appropriate heading of the country in which the estate is situated. The full description should be contained in the first column -

In the “value as last shown” column, enter £0.00 and in the “corrected value” column insert the value.

Estate abroad is not confirmable and a value is not included in the total for confirmation.

EDITED

sputnik007

Many thanks. So should it be converted to pounds from euros? The form automatically adds up the last column so no clue how to prevent that figure being included. Any tips?

buddy9

My understanding.

Foreign estate would be included in the page 4 calculations which in turn feeds into the IHT summary calculations on page 7.

However the value of the amended estate for confirmation (on page 3) would only include UK assets.

I think you need to convert any date of death euros value to pounds.