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The deceased died in 2003. She appointed one of her sons M and his wife S as executors and trustees.
She left specific gifts of £5 000 to six named grandchildren and great grandchildren with the residue to be divided between her two sons.
Before her death the deceased had put a building society account into the joint names of herself and M with the intention that M would be entitled to the capital when she died.
However this account was not included on the inheritance tax return. The executors’ solicitors disclosed the account in 2004.
HMRC accepted that no fraud or negligence had arisen in the failure to declare it in the return and issued determinations on M S and K (the other son). They all appealed.
The Special Commissioner found that the property in the account was settled property...
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