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Covid-19: Your questions answered
For a free consultation call: 0114 251 8850 or email: firstname.lastname@example.org
“I was very impressed with the professional support I received from Hart Shaw throughout. They dealt with HMRC on my behalf, gathering all the information required and went through every aspect of the tax investigation process with me. I had complete trust in them.”
Mr D, Director, South Yorkshire
“Steve Vickers assisted me on a difficult case concerning EBTs. He was an excellent expert witness who was able to withstand leading tax counsel instructed by the other side in the end he brokered a sensible compromise which avoided expense for both parties.”
Mrs Cowell, Partner, North West
There are few more distressing experiences for an individual than the death of a friend or family member. The process of obtaining probate and administering and distributing the deceased’s estate can often add to the worry and stress of the deceased’s relatives at the time they need it least.
The estate’s executors are responsible for ensuring that the correct value of the deceased’s estate is notified to HM Revenue & Customs for calculating any Inheritance Tax due. The courts will only grant probate, if HM Revenue & Customs are satisfied that all tax due, including inheritance tax, has been paid.
If the estate includes shares in a private limited company or an interest in a business calculating a value for these can be difficult. The executors have no “market” they can refer to for a valuation of the shares or business. The shares are not quoted, so how much are the shares worth? The answer is not simple and can only be determined by carrying out a detailed valuation exercise.
The executors will be responsible for:
If the executors get any of the items listed above wrong, it could lead to an HM Revenue & Customs enquiry or an underpayment of Inheritance Tax, both of which would mean a delay in obtaining the grant of probate and possibly incur penalties.
Even if no IHT is at stake, or full BPR is available, agreeing a valuation is still vital. This way the beneficiaries start off with the best CGT base cost possible; thus ensuring that they pay as little tax as possible if they sell the asset later on.
Our valuation team can provide the executors (either directly or through your chosen solicitor) with a fast, effective and reliable valuation of the deceased’s shares and/or business.
By utilising our service you can ensure that probate is granted as quickly as possible, allowing the estate to be distributed in accordance with the will as efficiently and stress free as possible.
Contact Steve Vickers on 0114 251 8850 or email him email@example.com to discuss this valuation service.
Commonly in such cases we will also provide advice on the taxation issues arising in these circumstances. For more information on our taxation services please visit our Taxation Services pages.
For more information about why everyone should have a Will and how to begin the process of drafting a Will go to our Will Writing page.
Hart Shaw LLP are currently applying COVID-19 working protocols and our staff are working from home. Our switchboard will be answering calls but you can contact our partners on the following numbers:
Further contact details can be found here: https://www.hartshaw.co.uk/about-us/key-contacts
We apologise if this is inconvenient but we are doing our best to follow government working directions whilst continuing to service our clients to the best of our ability in these difficult times for all and appreciate your patience.