Crosswords1 min ago
Didwot can you expain please..
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Our estate comprises a piece of building land with outline pp for 6 dwellings - approx value �700,000. What do you mean by net value rather than gross in this case? Thanks Joe1
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"Gross" means before deduction of expenses and "net" means after deduction of expenses. IHT falls upon the amount to be distributed so that the executors must agree within the time limit with the Revenue what the actual or theoretical net amount is and pay IHT on that. It is not necessary to sell the land now, it can be Registered at the Land Registry as a tenancy in common between you all and sold whenever you wish. However, at that time CGT will become a consideration.
I have been busy, and only just looked at the site again.
An executor can also be a beneficiary, and there is no problem in that respect.
In working out the amount of the estate for IHT purposes you add together the value of all the assets to arrive at the gross value, and then take away any debts, the funeral expenses and so on to arrive at the net value. You will have to fill in some complicated forms, and I expect you will have solicitors acting for you to help you.
An executor can also be a beneficiary, and there is no problem in that respect.
In working out the amount of the estate for IHT purposes you add together the value of all the assets to arrive at the gross value, and then take away any debts, the funeral expenses and so on to arrive at the net value. You will have to fill in some complicated forms, and I expect you will have solicitors acting for you to help you.
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