Any comments gratefully received:
X dies in 1980s, entire estate passes to wife under intestacy. W then dies, and entire estate is left to son. S died late 1990s and estate was taxable. Entire estate passed to non-exempt beneficiaries, and IHT was paid.
We now know that X held a half share in a property as tenant in common which then passed to W, and then to S. So far as we know, the value of the property in the late 1990s was not declared to HMRC and as such IHT not paid on that value.
The other co-owner has now died, and the property has been sold.
I think that strictly speaking it is necessary to account to HMRC for the tax that should have been paid, but quite how one would go about that …
Presumably there will also be interest (20-odd years’ worth) and penalties.
Any comments gratefully received. I am not sure that it would be proper to simply ignore it.
Rubin Lewis O’Brien