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Where Taxpayers and Advisers Meet

legacy refund

nick2016
Posts:7
Joined:Fri Jul 08, 2016 10:00 am
legacy refund

Postby nick2016 » Thu Mar 16, 2017 2:25 pm

I received a cash legacy under a will and paid out to me by the Executors in 2013.
The Executors have now informed me that they have made an error and are requesting part of it to be repaid to them.
Do I have to comply with that request?

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: legacy refund

Postby AGoodman » Thu Mar 16, 2017 4:09 pm

The rule is not clear cut as it is based on equity (ie fairness) but essentially yes unless you can establish the defence of change of position - this is essentially a defence that you have changed your position as a result of receiving the monies so that it would be inequitable (unfair) for you to have to repay. An example might be having spent the money when you would not have done so had you not received the sum being reclaimed.

AG

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: legacy refund

Postby maths » Fri Mar 17, 2017 11:14 pm

1. Whose will was it under which you received an inheritance.

2. Do you know if the executors were ie professionals (eg solicitor) or family members.

3. Do you know the size of the deceased's estate.

4. How much or what did you receive.

5. What was the date of death; date you received your inheritance; and date you received your letter.

nick2016
Posts:7
Joined:Fri Jul 08, 2016 10:00 am

Re: legacy refund

Postby nick2016 » Tue Mar 21, 2017 4:47 pm

Thank you Maths for your reply. To answer your questions;;

1. I was the residuary beneficiary under my mothers will

2.The executors were solicitors

3.Yes the value of the estate after payment of inheritance tax was £285000

4. I received £285000

5.The date of death was 05/04/2013, and I received the inheritance in October and November 2013. I received letter from executors requesting that I repay £52000 in February 2017


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