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 »

Why use The Probate Practice?

The benefit of using The Probate Practice over a bank are:

A large part of finalising an Estate is the preparation and submission of the Inheritance Tax Return and a calculation of the Estate’s liability. As accountants, Tax Returns and negotiating with HMRC are a large part of our daily business. We have vast experience in negotiating valuations with HMRC which again leads to lower tax liabilities. The only matter of Probate which requires a solicitor is the preparation of the Executor’s Oath and our association with a firm of well known solicitors ensures that the Probate Practice has the expertise to deal with all aspects of the Probate process.

We are cost effective

Our knowledge of taxation ensures that we can advise you on the ways in which you can minimise the Estate’s liability as much as possible. We also have experience in negotiating valuations with HMRC which can result in lower tax liabilities. We may, for example, advise that a Deed of Variation may be appropriate and would be in a position to not only let you know potential Inheritance Tax savings at the time but also warn you of possible consequences on (for example) Capital Gains Tax in the future.

We guarantee a practical and fast service

In many instances we can reduce the Probate time from 6 months to 3 months. We are qualified to deal with all aspects of Probate, and work with a firm of well known solicitors to deal with the Executor’s Oath (proof of Executor’s identity). Many people are unaware that this is the only aspect of Probate that is necessary to be carried out by a firm of solicitors.