4.3.1 Death estates – general principles
As noted in 4.1, it is necessary to value the assets held by the deceased. This is obviously an essential requirement to assist with determining the liability of the estate (if any) to IHT.
There are two issues facing PRs with this requirement.
- The PRs are under an obligation to make the fullest possible enquiries regarding the extent of the money, property and assets held by the deceased. If they fail to declare an asset in an account which they submit to HMRC, they could face penalties unless they can demonstrate that they made the fullest possible enquiries and the asset nevertheless did not come to light until after the account had been submitted. This means, for instance, ...