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Hello - this is my first post on this forum.
During Sep 2014 our dear friend passed away. She left a will with two types of beneficiaries - i.e. Charities (8) and non-charities (23). She divided her assets in percentages to make it easier, so some received, say, 5% and others 2%.
The company she appointed as executors of her will were quite appalling from the beginning, but finally in Dec 2015 they paid out a major share to each of us, with the excuse that they were still waiting final agreement with HMRC IHT. Another interim payment was distributed July 2016, yet another Sep 2017 and the final beneficiary share payment was received by us all Aug 2018.
Today we have all received a letter telling us that they (IP Company) had miscalculated the net balances due to the non-charitable residue beneficiaries resulting in an overpayment to us.
In effect, and cutting their letter short, they "forgot" that charities were exempt from IT and therefore no deduction should have been made for this tax from their share. The charities need to be repaid this (over £33k) and the money must come from us! For me, that is £1400.00 they are asking of me - money I cant afford to repay within 21 days, and probably never!
My question is, can they do this to us, or are they ultimately liable for their own error and incompetence? Even I know that charities do not pay Inheritance Tax!!
Thank you in advance
During Sep 2014 our dear friend passed away. She left a will with two types of beneficiaries - i.e. Charities (8) and non-charities (23). She divided her assets in percentages to make it easier, so some received, say, 5% and others 2%.
The company she appointed as executors of her will were quite appalling from the beginning, but finally in Dec 2015 they paid out a major share to each of us, with the excuse that they were still waiting final agreement with HMRC IHT. Another interim payment was distributed July 2016, yet another Sep 2017 and the final beneficiary share payment was received by us all Aug 2018.
Today we have all received a letter telling us that they (IP Company) had miscalculated the net balances due to the non-charitable residue beneficiaries resulting in an overpayment to us.
In effect, and cutting their letter short, they "forgot" that charities were exempt from IT and therefore no deduction should have been made for this tax from their share. The charities need to be repaid this (over £33k) and the money must come from us! For me, that is £1400.00 they are asking of me - money I cant afford to repay within 21 days, and probably never!
My question is, can they do this to us, or are they ultimately liable for their own error and incompetence? Even I know that charities do not pay Inheritance Tax!!
Thank you in advance
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