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A taxpayer died seven years ago and the estate, which was just below the inheritance tax threshold, has long been wound up. It seems a claim could be made in respect of an individual savings account and this might yield about £6,000. What are the inheritance tax implications if compensation is now paid?
I acted as an executor for a friend who died seven years ago and whose estate has long since been wound up. The estate was slightly less than the inheritance tax threshold and the chief beneficiary was the deceased’s only child who at that time was living in the US with her husband and has now become a full US citizen.
Not included in the estate computation was the possible value of an ISA issued by a UK insurance company which collapsed a year or so before my friend died. It was understood from the FSA at the time that the circumstances prevented any claim for compensation through the financial services compensation scheme (FSCS). However it has now been suggested to me that a claim for compensation might succeed and I am in a quandary about what to do.
I think that if the claim succeeded...
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