Valuations of items in an estate confirmed

HMRC’s has updated guidance on valuing individual items in an estate. It advises that valuations should be sought only if an item may be worth more than £1 500 or when its value cannot be reasonably estimated.

HMRC’s August Trusts and Estates Newsletter announced that this updates guidance that suggested professional valuations should be sought for any individual item thought to be worth more than £500.

Other highlights from the newsletter follow.

Clarification of IHT 400 timelines

HMRC’s new timeline applies to forms IHT400 processed on or after 16 April 2018. The timeline states that the Revenue aims to issue form IHT421 within ten working days of receiving form IHT400 inheritance tax account or payment of tax whichever is later.

HMRC warns that extra time for postage should be allowed and depending on the courier service this can add five to ten working days.

Trusts registration...