Estate settled, but sale of Chattels - Tax implications.
Discussion
Hi,
Can someone please advise for the following as per the title.
I have a large selection of items going to auction over the next 4-6 months , estimated value of £10 - £20k according to the auctioneers. As these items formed part of the estate and were declared as such, how may I go about informing HMRC or do I actually need to?.
The estate was below the IHT threshold and the chattels estimated at a higher value anyway (for purposes of the IHT form they were put at £35k)- but it's just now that they're going to sale.
I've not really given it any thought, and , just one more question, if say, someone (not me) was going to be dishonest, would this be a very unscrupulous and illegal way of putting other items into the auction so as to avoid paying further taxes on them?.
TIA and virtual single Malt to you all.
Can someone please advise for the following as per the title.
I have a large selection of items going to auction over the next 4-6 months , estimated value of £10 - £20k according to the auctioneers. As these items formed part of the estate and were declared as such, how may I go about informing HMRC or do I actually need to?.
The estate was below the IHT threshold and the chattels estimated at a higher value anyway (for purposes of the IHT form they were put at £35k)- but it's just now that they're going to sale.
I've not really given it any thought, and , just one more question, if say, someone (not me) was going to be dishonest, would this be a very unscrupulous and illegal way of putting other items into the auction so as to avoid paying further taxes on them?.
TIA and virtual single Malt to you all.
Mr E said:
I think if you have an estimate in the probate application and you achieve less value than that;
1) if you ve paid IHT, you apply for a rebate
2) if you were under before, you re still under and HMRC don t care.
Oh Mate, Thanks for the fast reply and simple answer!.1) if you ve paid IHT, you apply for a rebate
2) if you were under before, you re still under and HMRC don t care.
I was just wondering if it needs to be declared on end of year Tax return or anything.
PH comes through again, many thanks.
Mr E said:
I think if you have an estimate in the probate application and you achieve less value than that;
1) if you ve paid IHT, you apply for a rebate
2) if you were under before, you re still under and HMRC don t care.
I agree.1) if you ve paid IHT, you apply for a rebate
2) if you were under before, you re still under and HMRC don t care.
I've administered a number of estates for deceased family and friends and this is what should happen IMO.
R.
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