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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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If a firm of accountants produces a valuation, purposes, of

Customer Question

If a firm of accountants produces a valuation ,for Probate purposes, of shares in a private company on a net asset basis by adding the value of the properties owned to reserves but fails to include substantial cash at bank,thus creating an undervalue , should HMRC be informed and who is liable for the potential IHT on this shortfall? Accountants , Executor , Administrator or beneficiaries? Is there a liability to damages?
The estate was settled two years ago.
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Were you relying on the accountants under a retainer to provide tax advice? Has HMRC charged a penalty?