I'm not sure why HMRC accepted the IHT 400 when the IHT 205 should have been lodged.
In any event the letter you received does not mean that no IHT can be charged; if, for example, the valuation could be shown to have been prepared and certain material facts had not been disclosed (eg planning permission likely or pending) then the valuation at death would be revisited.
In addition, I'm reasonably clear the IHT has not been ascertained which means the base cost of the asset for CGT hasn't been agreed but it appears likely to be the valuation figure you obtained.
If in the event the property sold for £450K then this would be a material difference from the valuation and HMRC would need to be notified.
In this case the issue would then be whether the original valuation had been carried out in an acceptable manner; if it had then the fact of the £450K sale would be irrelevant. If not, then possible IHT would arise and possible penalties depending upon whether the information had been supplied carelessly, deliberately inaccurately, etc.(which from what you say doesn't appear to be the case).
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch