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.