Providing clear advice to executors where multiple jurisdictions were involved

Our clients were the executors of an estate where the deceased had complex affairs, with domicile in England & Wales and assets in three jurisdictions. They said:

“We need a team who can deal effectively with institutions not just here, but in the Channel Islands and Singapore. Tracking down the right information will be a challenge, and ultimately, we need Grants of Probate in three separate jurisdictions”

How we helped

Obtaining the relevant information to ensure the Estate for Inheritance Tax purposes was reported correctly was a challenge – we were able to obtain the information needed from the institutions in the Channel Islands relatively easily and obtained a Grant on the relevant island there, but establishing the information we needed from banks and fund managers in Singapore was difficult and estimates had to be provided when submitting the Inheritance Tax account in the Estate. The issues we were encountering in terms of dealing with these third-party institutions were flagged up to HMRC and a payment on account was made.

Once we had the Grant of Representation in England & Wales this formed the basis of an application in Singapore, and eventually the funds due to the Estate from there could be collected – we were still, however, unable to obtain the precise figures to be reported for the date of death (despite best efforts), so an agreement with HMRC was negotiated and the Inheritance Tax position of the Estate was cleared.

We also ensured that the deceased’s Income Tax affairs to the date of death – which were again complex – were settled.

The result

The relevant tax compliance issues were dealt with, the Estate was wound up and we were able to give effect to the terms of the Will.

One of the beneficiaries also died during the administration, so we were also instructed to deal with and wind up that Estate as well – this beneficiary also had a complex Estate and a claim for Quick Succession Relief for Inheritance Tax paid in the first Estate was successfully made.