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Where Taxpayers and Advisers Meet

IHT

tax999
Posts:18
Joined:Mon Nov 25, 2019 12:43 pm
IHT

Postby tax999 » Wed Nov 27, 2019 1:28 pm

I have reported to HMRC and paid inheritance tax due.

In the forms the value of personal items was £1,000 (professional valuation was carried out). These items have now been sold at £1,300. Once the auctioneers took their fees and charges the balance due to the estate is £950.

For IHT purposes do I require to pay more tax or can i just finalise the estate?

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: IHT

Postby pawncob » Wed Nov 27, 2019 5:04 pm

As it's less than the declared amount, do nothing. (unless you want to claim a refund of £20).
With a pinch of salt take what I say, but don't exceed your RDA


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