Inheritance Tax Bristol
Inheritance tax (IHT) is payable where a deceased's estate exceeds £325,000. This £325,000 figure includes the deceased's share in any jointly owned assets and assets held in some types of Trust. IHT is only payable on the excess above £325,000.
If your estate passes to your husband or wife or civil partner and you are both domiciled in the UK then there is no IHT to pay even if your assets exceed £325,000.
Where the deceased's estate exceeds £325,000 and the spouse exemption doesn't apply then tax is charged at the rate of 40% on assets in excess of £ 325,000.
Inheritance tax is payable within 6 months of the date of death. In certain circumstances HMRC may agree an instalment option where payments can be made over a 10-year period, but interest will be charged in these situations.
The responsibility for paying IHT lies with the deceased's executors or administrators (the personal representatives). The personal representatives can raise funds from the deceased's assets to pay for the IHT. You will need to obtain a receipt from HMRC that the IHT payment has been made before you can obtain the Grant of Representation.
The IHT forms are both lengthy and complicated. Before you complete those forms you need to collate details of the deceased's assets and liabilities and ascertain whether any exemptions are applicable. Where the deceased is a surviving spouse who may have received a benefit from the first spouse's estate, there may be a transferable nil rate band available from the death of the first spouse thus increasing the IHT threshold to £650,000.
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If you would like any further information then please do not hesitate to contact: -
In the event that Vanessa or Samantha are not available then please ask to speak to a member of the Personal Estate Planning Team.
Other Bristol Lawyer websites
Will Solicitor Bristol; Will Lawyer Bristol; Register Death Bristol; Executors Law Bristol; Probate Law Bristol ; Intestacy Law Bristol; Intestacy Solicitor Bristol; Power of Attorney Law Bristol; Power of Attorney Lawyer Bristol; Power of Attorney Solicitor Bristol; Grant Probate Bristol; Probate Lawyer Bristol; Probate Solicitor Bristol.