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Inheritance Tax
On death everyone benefits from a “nil rate band” (NRB) where no tax is payable. All funds in excess of this are currently taxed at 40%. In addition to the NRB there are a number of other allowances and reliefs. Gifts made during a person’s life may affect the IHT position so you need to ascertain whether any gifts were made, to whom, how much and when.
Other matters that will affect the IHT position of the deceased’s estate are whether:
- they were a beneficiary under a trust
- they owned any property jointly
- they had inherited any assets within the last five years
This is information that is required when the executors or administrators report the details of the estate to Her Majesty's Revenue and Customs (HMRC). It is the responsibility of the Personal Representative (PRs) to provide complete and accurate information and to pay the correct IHT at the right time. If they do not they may become personally liable. Let us take care of gathering together all the relevant information and supporting documents for you.
A complication that we at Hart Brown regularly deal with is how to pay the IHT. The first IHT payment must be paid before making an application to the court for authority to administer the estate. Without that authority banks and building societies are generally reluctant to release funds. However we can arrange bank loans to enable the first payment of tax to be made on time.
To speak to someone who can help with IHT call, email or request a call back from one of our specialist lawyers.
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