Inheritance Tax is the tax that has to be paid on a deceased estate when they die.
The amount of Inheritance Tax which is paid depends not only on what assets they have at the date of their death, but also on gifts that they have made during their lifetime.
When making a Will it is essential to take professional advice to consider whether your estate will be liable for Inheritance Tax and whether you can do any tax planning to minimise the liability at your death.
It is also essential to consider whether you will be liable for Inheritance tax on any gifts that you make during your lifetime – something many people do not even consider.
As an Executor it is essential to ensure you know about the deceased’s assets and affairs so that you can complete the necessary tax forms on their death and pay the correct amount of Inheritance Tax. An Executor is liable to ensure this tax is paid and can be open to penalties and interest being charged if errors are made.
Our specialist advisors are here to discuss all aspects of Inheritance Tax with you.
Whether you are dealing with a deceased's estate and need advice on what to do, or whether you wish to put your own affairs in order and reduce your own inheritance tax bill as much as possible our Solicitors are here to assist you.
For more detail on other areas of tax click the links below: