Readers’ forum: Is HMRC entitled to GWRB information?

GWRB conundrum

I am advising the personal representative of a deceased former client. He had made a gift with reservation which falls to be included in his estate. It was made more than seven years ago so is not required to be reported as a failed PET.

I was checking the legal position and was surprised to discover that personal representatives (PRs) are not required to account for assets that form part of the estate by virtue (alone) of the GWR provisions. This is clearly stated in IHTA 1984 s 216 particularly 216(3) which was inserted by FA 1999. Simon’s Taxes at I11.212 confirms this. Page 5 of form IHT403 does require information about GWR assets.

I have no problem with advising the PR to include the GWR information. It is not in their interests to engage in a technical argument with HMRC about whether or not there...