I need to consider claiming an unused NRB from 1991. The estate included gifts of assets that may have qualified for BPR, to non-exempt beneficiaries. Neither the firm that dealt nor the family have a copy of the IHT200.
If BPR was claimed, potentially the TNRB will cover the value of the survivor’s estate so no IHT payable. If BPR wasn’t claimed, there will be an IHT liability.
In completing the IHT402 we are even unsure how to value the business assets (which were sold in 1992) let alone consider whether relief was actually claimed on them.
My concern is that if the Executors now assume that BPR was claimed and agreed in 1991, that HMRC may have some historical evidence to the contrary and potentially look to issue penalties for over-claiming the relief.
How would practitioners deal with this situation? Do any practitioners have knowledge of HMRC retaining details of historical BPR claims and if so, can a request be made?
Brewer Harding & Rowe