Reclaiming IHT on mis-valued shares
Discussion
Can it be done?
Long story short; I was left some shares almost 3 years ago as part of an estate, IHT was paid but it looks like some shares were valued at value A when in fact they were a different type of share than thought (same company though) and therefore should've been valued at value B which is A LOT lower (circa 10x lower!).
All I can find on Google is reclaiming IHT on property sales and share sales that have fallen in value since probate, not things that were incorrectly valued in the first place.
Long story short; I was left some shares almost 3 years ago as part of an estate, IHT was paid but it looks like some shares were valued at value A when in fact they were a different type of share than thought (same company though) and therefore should've been valued at value B which is A LOT lower (circa 10x lower!).
All I can find on Google is reclaiming IHT on property sales and share sales that have fallen in value since probate, not things that were incorrectly valued in the first place.
Cheers for that.
The evidence would be that the shares I have are "C" shares in Rolls Royce which are issued instead of a cash dividend and are worth the grand sum of not a lot in comparison to the actual Rolls Royce shares which are are traded on the stock exchange.
It's not a mis-valuation in my working out but a mis-identification of the type of share so the mistake is easy to show, it's just whether or not they want to repay the mistaken amount.
The evidence would be that the shares I have are "C" shares in Rolls Royce which are issued instead of a cash dividend and are worth the grand sum of not a lot in comparison to the actual Rolls Royce shares which are are traded on the stock exchange.
It's not a mis-valuation in my working out but a mis-identification of the type of share so the mistake is easy to show, it's just whether or not they want to repay the mistaken amount.
Just receieved a letter from HMRC this morning confirming the shares were indeed overvalued and they have refunded me roughly £4K, which is nice.
What's not so nice however, is that they claim I owe them the thick end of £30K having not paid the full value of IHT due at the time.
Now frantically running round the house trying to find any and all paperwork from +3 years ago!
What's not so nice however, is that they claim I owe them the thick end of £30K having not paid the full value of IHT due at the time.
Now frantically running round the house trying to find any and all paperwork from +3 years ago!
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