My client was appointed as co executor with his father of his aunt’s estate. His father took out a grant with an IHT205 in 2012 for the aunt with power reserved to my client. They have since discovered that a house left by my client’s grandmother (who died in 2002) to his aunt should have been included in aunt’s estate but was omitted in error. This renders the aunt’s estate taxable. The property is still registered at land registry in grandmother’s name and was correctly taxed in grandmother’s estate.
I am assuming that my client’s father will need to do a whole IHT400 rather than just notify HMRC and pay the tax? I am assuming that we will also need a further grant in order to reflect the higher value of the estate. What kind of grant would we apply for (I am assuming not a grant de bonis non as father is still alive)? Also, could we include my client as well as his father this time as proving executors (as his father is now quite frail). Any suggestions would be very gratefully received.
Sue Warwick
Lewes Smith