mrburns27

The answer is no. Not sure why I had to sit on the phone for an hour to get that answer rather than just being told that here.

HMRC guidance says that when calculating IHT on shares etc you should take the close price on the date of death (and multiple by the number of shares) to provide the valuation for IHT calculations. Suppose I’m calculating the IHT on 1000 shares at £1 each that’s £1000, however I won’t actually see this money in full irrespective of changes in the market because my broker will want £50 brokerage fee, then there’s £60 fine for not having the original certificate, and other unavoidable fees. Can one discount these fees from the valuation so IHT would be calculated in this example, on £890 rather than £1000?

I am administering a deceased family member's estate, their assets were previously £324,000, so no IHT was paid. Grant of probate has already been given a while back. Since then, I have found a number of accounts, previously unknown, that push this figure over the IHT threashold of £325,000 I am now finally satisfied there are no more accounts, however HMRC is owed £11,000 in IHT. How do I go about paying this without using the telephone?

A relative of mine died leaving behind a defined contribution pension of £44k. The pensions pot was not touched - no withdrawals were made. He died aged 80. The pension pot is to be passed to me to be withdrawn as cash. I understand tax is due at my income tax rate. My income each year is 12k, so I expect most of this pot will be taxed at around 20% I am unclear on how this tax is to be paid, do I have to fill out a form? If so which form and when/where do I submit this form, assuming I receive this money in the tax year 24/25.