All estates with assets above £325k (figure correct for transfers after 5th April 2012) will potentially be required to pay an inheritance tax bill at 40% above the nil rate band.
The rules that govern Inheritance Tax (Inheritance Tax Act 1984) are complicated, and the executor must pay any tax due to the Inland Revenue within 6 months of the date of death and prior to receiving the Grant of Probate.
For the majority of people, the most important aspects of Inheritance Tax are:
- To keep the bill to a minimum
- To make sure that it is declared to the Inland Revenue
- To pay it within the time limit.
It is sometimes necessary to pay the tax bill in instalments or to acquire a bridging loan.
The Probate Partnership Ltd specialises in this area, working with a number of professionals in order to deal with this matter swiftly and efficiently.
Call 0845 872 6840 for advice and/or a recommendation. We work with a team of Solicitors, Accountants, STEP practitioners and Independent Financial Advisors