24.07.19

Inheritance Tax is too complicated. It needs to be simplified

Inheritance Tax (IHT) has been described as ‘fiendishly complex’. A new report by the Office of Tax Simplification (OTS) offers 11 recommendations for simplifying it. When even the chancellor describes a tax as “particularly complex”, it’s a sure sign it … Find out more »

09.07.19

Step-sisters’ inheritance hangs on whose parent died first

Which of two step-sisters receives a £300,000 inheritance rests on a judge’s opinion of whose parent died first, in a cautionary tale for parents yet to draft a Will. In October 2016, John Scarle, 79, and Ann Scarle, 69, both … Find out more »

Inheritance Tax

Inheritance Tax (IHT) does not just apply to those that are extremely wealthy, it is a tax that is charged on the value of property (all of a deceased’s property or assets) when someone dies. For example, a 40% tax will apply if the value of your Estate exceeds the current threshold (£325,000 in the 2011- 2012 tax year).  This includes your home and any gifts made in the seven years preceding your death.

Inheritance Tax can be reduced or even eliminated with proper planning and we can advise on this using our parent company Nyman Libson Paul.

To establish whether Inheritance Tax is due it is necessary to value the Estate by adding up all assets such as property, possessions, money and investments and then deducting the deceased’s debts (including household bills and funeral expenses).  This can be a complex matter that we pride ourselves in dealing with.

In most cases Inheritance Tax is due within six months of the deceased’s death, after which time interest is added by HM Revenue and Customs, therefore our speed in dealing with these matters is of huge benefit.

The steps involved in probate. 

Probate FAQs.

Glossary of Probate terms,