I would be most grateful for your help.
I am dealing with a life interest trust. The life tenant has died, and the trust comes to an end. The trust assets include business and investment assets. I have used the instalment option to pay the IHT on the business asset and paid the IHT on the rest. The business asset was valued by an accountant and all requisite paperwork filed with HMRC. HMRC issued a calculation which mirrored mine. Is this acceptance of the accountant’s valuation?
The issues are:
- Another shareholder of the business has died and HMRC are disputing the valuation of their holding. Could this have an impact on my trust?
- The investments sold for a loss and I filed the IHT 35 form in September 2020. Despite chasing HMRC twice, I am yet to hear from them to settle the remaining IHT. Are you finding that these applications are taking around 6 months or longer to be dealt with? Or could this be related to the shareholding valuation dispute?
Any guidance would be much appreciated.