Failure to declare gifts leads to penalty bill
Failure to report a cash gift from his late father has landed a carpenter with an £87,000 penalty from HM Revenue and Customs. The case, the first to test the position in court, is a warning to anyone who fails to come up with the facts when asked questions by those handling the estate of someone who has died. When Clayton Hutching’s father died, he left an estate of farm property worth around £3million. The executors of the estate had a meeting with the family and also wrote to them, asking…