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The executors of a woman have discovered that a repayment will be made to the estate because the deceased’s former home was in the wrong council tax band
My clients are the executors for the estate of a woman who died in January 2008. Probate was obtained in June 2008 the inheritance tax return was made and the liability was paid on time.
The estate included among other things the woman’s former home and it seems that the purchasers have made a successful appeal against the council tax banding. As a result the executors have received a refund of the amount overpaid up to January 2008.
The existence of the appeal and the resulting debt were not known to the executors when probate was granted. It seems that even if they had received notification the value ascribed would have been heavily discounted and would probably have been nil.
My question is whether a corrected inheritance tax return is necessary (which would attract interest and penalties) or whether this represents...
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