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Antiques Road Show

Good news or bad

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Someone was shocked to be told that a Chinese dress was worth £200K. It was previously stored as little value fancy dress.

Can anyone think why this may be not such  unreserved good news?

Replies (5)

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By Justin Bryant
13th Sep 2021 12:50

I don't normally watch this, but for some reason I did last night and I assume someone from HMRC watches it avidly re IHT, CGT etc.

HMRC will also not have overlooked that young lady's tennis win (it won't be too long before she decamps to Monaco methinks).

Overall quite a good weekend for the UK's coffers.

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By CJaneH
13th Sep 2021 12:46

I do wonder if solicitors ask if there are items in peoples homes that should be valued for probate & IHT? Also do any staff from HMRC watch and follow up?

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Replying to CJaneH:
Psycho
By Wilson Philips
13th Sep 2021 14:16

What kind of follow up? I haven’t watched in years so can’t remember how much personal information is revealed. Even if full name and address etc were given what are HMRC going to do? Put the individual on a watchlist and check every subsequent tax return to see if a gain has been reported and check death notices to check whether the asset had been reflected in an IHT return? I’d suggest that HMRC have got far more useful and productive things to do with their time.

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Replying to Wilson Philips:
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By Justin Bryant
13th Sep 2021 15:09

HMRC could simply give the BBC a third party information notice for the cases where the relevant person says they recently inherited the £1m ming vase that they thought was only worth £10 etc.

Indeed, if they don't already do that or otherwise follow such cases (or vases) up they are being pretty incompetent don't you think?

As for your last sentence, are you joking? This forum is peppered daily with examples of HMRC incompetence re their totally pointless/fruitless enquiries re this, that & the other and all the rest of it. It is pretty hard to think how they could be more inefficient.

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Replying to Justin Bryant:
Psycho
By Wilson Philips
13th Sep 2021 16:34

Justin Bryant wrote:
HMRC could simply give the BBC a third party information notice for the cases where the relevant person says they recently inherited the £1m ming vase that they thought was only worth £10 etc.

But that would still require HMRC to obtain the person's personal details and then monitor subsequent activity of that person and/or their family on the off-chance that there might be an un(der)-reported chargeable event.

Justin Bryant wrote:

Indeed, if they don't already do that or otherwise follow such cases (or vases) up they are being pretty incompetent don't you think?

No

Justin Bryant wrote:
As for your last sentence, are you joking?

No

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