Dealing with HMRC

Question 1

PRs must file an inheritance account with HRMC within how many months of D’s death (unless the estate is excepted)?

Answer 1

12 months

Question 2

When does interest start accruing on taxes owed under an estate?

Answer 2

6 months after death

Question 3

Can a PR obtain a grant of probate/letters if the tax owed under an estate hasn’t been paid?

Answer 3

No

Question 4

If D was a co-owner of land at their death, in valuing D’s estate, the value of the land will be _________ to reflect the ______ in selling co-owned land

This isn’t given if the land is co-owned by a _______

Answer 4

discounted, difficulty, spouse

Question 5

What is an excepted estate?

Answer 5

An estate where a full inheritance tax account is not required

Question 6

What are three examples of an excepted estate?

Answer 6

1. Low value estates
2. Exempt estates
3. Estates of D who were non-UK domiciled (subject to certain conditions)

Question 7

For deaths on/after _ _________ ____, an exempt estate is one in which the total value of the estate, does not exceed what 2 amounts?

Answer 7

1 September 2006

1. £1,000,000 for deaths up to and including 31 December 2021
2. £3,000,000 for deaths on/after 1 January 2022

Question 8

The estate of D who was non-UK domiciled (i.e. living permanently outside the UK) is excepted if their UK estate consists solely total of no more than what amount?

Answer 8

£150,000