Questions Of Cash: Forgery keeps it in the family
Saturday 16 February 2008
Q. On her deathbed, my aunt told me her sister had forged her signature to cash premium bonds worth £16,350. As an executor of her estate, I'm trying to resolve this. I established that the funds were paid into her sister's account. National Savings & Investments now accepts the withdrawal signature was not a good match and said it would refund the money, plus interest, into my aunt's estate. But to do this it needs my signature, plus that of the co-executor; the son of my aunt's sister. He refuses to sign. The police refuse to take action.
CM, by email.
A. NS&I says its investigations did not prove the allegation of fraud. It referred the matter to the police, who decided to take no action. NS&I says this is a family dispute and can only be resolved through a legal action against your co-executor.
Q. My father died in September and I have probate on his will. He had an ISA with Britannia Building Society containing almost £25,000. The local office took the pass book and at the beginning of January promised a cheque. I am still waiting and I am very unhappy as I wanted to invest the money in a high-interest account for my mother. AH, by email.
A. The cheque has now been issued, including further accumulated interest.
Q. My widowed mother is a Swiss citizen by birth and a British citizen by marriage. She is about to sell her house in England and return to live in Switzerland, taking most of the proceeds of the sale (about £800,000) with her to deposit in a Swiss bank account. She has made a will in England leaving bequests to family here and abroad. She intends to make cash gifts of £20,000 each to her grandchildren here. What would be her liability to UK and Swiss inheritance tax? MD, Wrexham.
A. Leonie Kerswill, tax partner at Pricewaterhouse-Coopers, says: "Your mother's liability to UK inheritance tax on death depends upon her 'domicile' at that time. Domicile generally follows that of her father (where he was born) unless it has been abandoned for a different domicile of choice. If your grandfather was born in Switzerland and your mother always intended to return to Switzerland, she will have retained her Swiss domicile. Prior to January 1974, a married woman's domicile followed that of her husband. That rule is now abolished, but if your mother married before 1974 she retains that domicile unless she acquires a different domicile of choice – by returning to Switzerland. If your mother married after 1974, she could still be deemed to be UK-domiciled for inheritance tax purposes, if she has lived here for 17 of the last 20 tax years. Even after leaving the UK, she will still be deemed domiciled in the UK for inheritance tax purposes if she was domiciled in the UK at any time in the three years immediately before any gift, whether this was given in her lifetime or on death: UK inheritance tax would be due on her worldwide estate, not just UK assets. (This is subject to any assets settled on overseas trusts prior to becoming UK domiciled, or deemed domiciled). Change of residence and domicile to Switzerland means the Swiss inheritance tax rules must be considered. No inheritance or estate tax is levied at federal level. Inheritance tax is imposed by the canton in which a person last resided. Only the canton of Schwyz does not currently levy any inheritance or estate tax. In others, inheritance tax exists but descendants are exempt in most cantons."
Questions of Cash cannot give individual advice. Please do not send original documents. Write to: Questions of Cash, The Independent, 191 Marsh Wall, London E14 9RS; firstname.lastname@example.org.
Independent Partners; request a free guide on NISAs from Hargreaves Lansdown
The HiFX guide to international money transfers
Five Questions: Changes to car tax discs
Ticking time bomb: Interest rate rises are coming, so start preparing now
Peer to Peer lending: This alternative market is offering firms a lifeline
Almost two million people are facing winter weather without heating
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Teenagers irritable because early school hours mess with their biological clocks
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
Day In a Page
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors