I acquired my fathers estate on his death in 2005 and disclose liabilities relevant to me up to 2009. What is my obligation to disclose undeclared liabilities for periods prior to that date?
You will declare personal liabilities from 2005 and give sufficient details of the source of the funds to enable HMRC to consider the completeness of your disclosure. Your father’s estate and executors may have liabilities prior to 2005. HMRC may seek to recover the earlier liabilities. If you elect for the Composite Rate Option (CRO) you will be responsible for all liabilities for the period commencing April 1999 and HMRC will not take any further action against the estate or executors regarding this source s it is now covered by LDF terms.
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