EM0755 - Determine who can support the enquiry: Charity, Assets & Residence: Inheritance Tax: Enquiring Into the Affairs of a Deceased Person

When carrying out a review or enquiring into the affairs of someone who has died you should let Inheritance Tax (IHT) know if you become aware

• (This text has been withheld because of exemptions in the Freedom of Information Act 2000)
• of any previously undeclared assets, including assets outside the United Kingdom
• of any transactions made during that person’s life that appeared to reduce the value of the deceased’s estate
• that no grant of probate or letters of administration have been obtained after one year following the death.

You should also advise IHT if you have information that the deceased

• was a joint owner of any bank accounts or investments that at any time produced income of more than £20,000 per annum
• was the owner or joint owner of any offshore houses/apartments etc
• made any gifts of cash or assets of more than £50,000 in the 7 years prior to death
• made any gifts of assets of more than £50,000 and continued to benefit in any way from the assets given away (these may be gifts made any time after March 1986)
• made substantial capital disposals (other than gifts) where the net proceeds exceeded £250,000
• created or transferred cash or other assets into a trust or some form of offshore structure
• received income or capital from a trust.

IHT will also be interested if there is an unexplained decrease of at least £50,000 in the capital value of the deceased’s estate sometime in the 7 years before death.

If you are in any doubt about whether IHT will be interested in the information you have you should contact them. Reports should be sent to IHT Risk and Intelligence Team(This text has been withheld because of exemptions in the Freedom of Information Act 2000)