Undervaluing of Estates as Digital Assets go undeclared
Failure by Executors to declare digital assets and online bank accounts could result in undervaluing of estates by Executors.
Ultimately there will be increased risk exposure on lay Executors resulting in increased penalties imposed by HMRC.
Executors should exercise extreme caution coupled with diligent checks where necessary.
We strongly suggest that you seek expert legal advice when acting as an executor as there are obviously several risks of unexpected penalties.
Call Sangeet Tatem 01708 743727