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The latest issue of HMRC’s newsletter for trusts and estates practitioners has been published.
Since 1 July, the Revenue has processed internet-filed returns using a new, automated system, which will be able to deal with all online returns from 2009/10 and subsequent years.
HMRC say the new system will:
- improve accuracy when processing returns by removing the need for manual intervention in most cases;
- provide better service by ensuring the revised procedure processes most internet filed returns quickly and efficiently; and
- reduce the time taken to handle repayments.
The department hopes that these improvements will encourage more people to file their trust returns online.
The Revenue has confirmed that, for inheritance tax purposes, wine cellars are valued at the value at the date of death, not on the purchase price.
IHTA1984, s 160 states that the value of any property is the price it might reasonably be expected to fetch if sold in the open market at that time.
Thus a wine cellar must be valued at its open market value for inheritance tax at the time of the relevant occasion of charge.
