HMRC is encouraging executors, personal representatives and their legal advisers to update on changes in valuations only at the end of the administration (or after 18 months, whichever is soonest), unless the valuations are for property or shares or where there is a compliance check being carried out by HMRC. Other estates are also excluded.
The purpose is to free up HMRC employees and reduce the burden of correspondence. Interest will still be charged by HMRC on late tax payments.
For more information please contact us.