IHT Deeds of Variation

[John S]

My grandparents estate is in the process of being passed down to my mother and aunt following my grandparents death. We lodged two deeds of variation on different assets of course to redirect the destinations in order to avoid IHT and CGT. The first variation was subject to IHT and CGT but the second was subject to IHT only as we wished to take advantage of huge house price inflation between my grandfathers and grandmothers death. At first the Inland Revenue returned the 2nd deed to the solicitor but we asked the solicitor to resubmit the deed. This was done. The solicitor received a letter of acknowledgement of receipt from the Inland Revenue saying that the file has now been closed. Do the IR have the power to re-open the case re deeds of variation / the estate etc and for how long do they have this power? Kind Regards

[James Smith]

Once closed thatÂ’s it so long as you disclosed all material facts.

Regards

James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436

[cranleys]

You will be fine.


Colin Davison
Editor for Property Tax Secrets

Cranleys Chartered Accountants
31 Goose Green HOOK
Hampshire RG27 9QY

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colin@cranleys.co.uk
01256-766655