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Inheritance Tax FAQs

 

What is Inheritance Tax?

Inheritance Tax is the tax which has to be paid on a deceased’s estate when they die.

How much Inheritance Tax will I have to pay?

The amount of Inheritance Tax which is paid depends on what assets there are at the date of death and also on what gifts have been made during lifetime. There are a number of rules and figures which determine whether your estate will be liable for Inheritance Tax. Please contact us for more information about this. 

Who is responsible for dealing with payment of Inheritance Tax?

The person responsible is the Executor/Administrator of your estate. It is essential that the necessary tax form is completed and the right amount of tax is paid, otherwise, if errors are made, this can lead to penalties and interest being charged.

Is there anything I can do to reduce my Inheritance Tax bill?

If you think that your estate will be liable to Inheritance Tax on your death, it is important that you seek professional advice to determine your options surrounding possibly reducing this bill and what different reliefs may be available to you. For more information, please contact us and we would be more than happy to help you. 

Wills, Probate and Trust Team Lead by Partners, Stephen Coates and Lauren Smith our Wills, Probate and Trusts team will help you plan for the future and protect your assets Meet the team
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Contact Us 

If you are looking for legal experts to help you with your Asset Protection or Inheritance Tax Planning needs our team will give you a call back at the earliest opportunity fill in your details to the left. Alternatively, you can call our Doncaster office on 01302 341414 or our Sheffield office on 0114 272 1884
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