Avery Associates, specialists with matters concerning valuation for probate bring you the latest Inheritance tax news……….
A man has failed in his appeal to get £1.5 million from his father in his lost ‘inheritance’ after the family castle was sold.
In an unusual case, Philip Howard took his father to court in order to claim the money that was made on the sale of Corby Castle in Cumbria when it was sold back in 1994.
Mr Howard claimed that the castle was not rightfully his father’s to sell, and that he was due £1.5 million in inheritance as a result.
Sir John Howard-Lawson inherited the 13th century castle back in 1962, and sold it in 1994 due to financial difficulties.
However, his son claimed that he had failed to comply with the strict terms imposed in the will made by his great-great-grandfather which stipulated that the inheritor had to take on the family surname and the coat of arms within 12 months in order to inherit the castle and grounds.
He took his father to the High Court in London last year in an attempt to win what he considered to be his fair share of the inheritance, but he lost the case.
He appealed against the decision, but that appeal has just been thrown out, and the original decision was upheld which stated that Sir John Howard-Lawson had made the stipulated requirements within the 12 months.
Inheritance issues can often get tricky, but in a situation like this it can be especially problematic. One of the problems is that there is a lot of money involved, and the other is that the terms of the original will appear to have led to a lot of confusion.
However, it looks like Mr Howard will now have to accept the court’s decision and give up his claim to the lost inheritance he feels he is due.
For professional advice call Jeffrey Avery on 0800 567 7769
