ClubMan said:I presume any liabilities that are not discharged at the time the estate is redistributed pass on to the inheritors? Wasn't this the case with collection of outstanding taxes on bogus non resident accounts and/or certain life assurance policies whose original holders had since died and the inheritors of the assets were responsibly for discharging the liabilities?
As far as I know it does as evidenced by the recent investigation of certain life assurance products.Benny said:Does this mean that the inheritors of estates could have a liability for tax that is discovered not paid by their parents.
I don't think so.How far back can the revenue go , is there a limit ?
I believe that Revenue could still pursue the beneficiary for the outstanding tax liability.I.e if property was bought 40/50 years ago and the money that purchased property had not been declared ?
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