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Posts Tagged: Inheritance Tax

Beneficiaries Beware

Posted by on January 27th 2015 in Blog Posts, Private Client

Beneficiaries Beware

A recent case (Hutchings v HMRC) involving the beneficiary of an estate has highlighted the importance of beneficiaries being open with Executors about gifts. In this particular case the beneficiary, Clayton Hutchings, failed to disclose to the Executors of his Father’s estate that his Father had gifted him around £450,000 from his Swiss bank account to Mr Hutchings’ Swiss account in April 2009. The Executors reportedly asked Mr Hutchings and the other beneficiaries on two separate occasions whether they knew of any gifts made by their father prior to his death and as no disclosures were made the Executors submitted...

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