Whiich types of debts to include in HMRC asset declaration?

itm2 · 15 January 2020 at 12:12AM

I am valuing my late father's estate for the IHT declaration, and was wondering what sort of debts should be included. For example, would I need to contact all utilities companies, credit card companies and the local authority (council tax) to establish what the balance of his account was at the date of his passing?

Savvy_Sue · 15 January 2020 at 2:57AM

Yes to all - not least because he might have a credit balance on the utilities.

Linton · 15 January 2020 at 5:46AM

You need to contact everyone your father had an active credit/debt account with and get a statement as of date of death. Amounts due at that time would be listed as debts and credits are treated as assets.

Then in your estate accounts you show the payments to balance the debts and cash received to balance the credits.

Whiich types of debts to include in HMRC asset declaration?

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