Executor Failed to Notify HMRC of Fall in Value of an Asset and Forfeited the right to Offset the Loss
March 23, 2015 12:23 pm
In this case an asset was discovered long after the death and had by the time of its discovery fallen in value. The 12 months statutory period for claiming IHT loss relief had expired. The executors were not able to extend the reporting period and factor in the loss of value.
The estate suffered an unecessary loss as a result of this mistake but it is not known if the executors were subsequently sued by the beneficiaries.