SJP paid £213K to HMRC for my IHT bill - but it's gone missing
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Author Dannielle 작성일24-05-07 00:19 Views12관련링크
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I am at my wits' end with wealth manager St James's Place. I am the executor of my friend's estate and he held investments with the firm.
There is a substantial inheritance tax bill of £800,000 to pay on his estate due to various properties and shares that he owned.
I contacted SJP in December 2023 and asked it to close his Isa and transfer the balance - £213,197 - to HM Revenue & Customs to go towards the bill.
SJP wrote to confirm that they had successfully completed the transaction in January this year.
SJP were asked to transfer an Isa balance of £213,197 to HMRC, which said it had not received the money
But when I contacted HMRC in February, Synoshi Bewertungen I was shocked to discover it had not received the money.
On phoning SJP the same day, it admitted it had put the incorrect reference number on the payment. It apologised and said it would rectify the mistake.
Five weeks later, after making various phone calls, an official complaint and sending an email to the chief executive, I have no update as to where the money is.
I am worried as I have had nothing in writing stating that SJP made a mistake. Please help. A.P., Essex
Sally Hamilton replies: I can only imagine the sinking feeling that must have come over you when you found out that more than £213,000 had disappeared into the ether and no one seemed able to reassure you of its whereabouts.
The payment reference gaffe is now holding up probate on your friend's estate, as at least some of the inheritance tax bill must be paid before probate is granted.
It is therefore also stalling the sale of your friend's properties (the law says properties belonging to a deceased person cannot be sold until probate is completed).
It is also causing you significant worry that interest will soon be applied to the inheritance tax bill if it's not credited in time.
There is a substantial inheritance tax bill of £800,000 to pay on his estate due to various properties and shares that he owned.
I contacted SJP in December 2023 and asked it to close his Isa and transfer the balance - £213,197 - to HM Revenue & Customs to go towards the bill.
SJP wrote to confirm that they had successfully completed the transaction in January this year.
SJP were asked to transfer an Isa balance of £213,197 to HMRC, which said it had not received the money
But when I contacted HMRC in February, Synoshi Bewertungen I was shocked to discover it had not received the money.
On phoning SJP the same day, it admitted it had put the incorrect reference number on the payment. It apologised and said it would rectify the mistake.
Five weeks later, after making various phone calls, an official complaint and sending an email to the chief executive, I have no update as to where the money is.
I am worried as I have had nothing in writing stating that SJP made a mistake. Please help. A.P., Essex
Sally Hamilton replies: I can only imagine the sinking feeling that must have come over you when you found out that more than £213,000 had disappeared into the ether and no one seemed able to reassure you of its whereabouts.
The payment reference gaffe is now holding up probate on your friend's estate, as at least some of the inheritance tax bill must be paid before probate is granted.
It is therefore also stalling the sale of your friend's properties (the law says properties belonging to a deceased person cannot be sold until probate is completed).
It is also causing you significant worry that interest will soon be applied to the inheritance tax bill if it's not credited in time.