Inheritance Tax – FAQ
What is Inheritance Tax?
Inheritance tax is the tax that must be paid on a deceased’s estate when they die.
How much Inheritance Tax will I have to pay?
The amount of inheritance tax paid depends on what assets there are at the date of death and what gifts have been made during lifetime. Several rules and figures determine whether your estate will be liable for inheritance tax. For further legal advice around this please get in touch with our team of probate solicitors.
Who is responsible for dealing with the 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.
Can I reduce my Inheritance Tax bill?
Suppose you think that your estate will be liable to inheritance tax on your death. In that case, you must seek professional advice to determine your options for reducing this bill and what reliefs are available.
For more information, please get in touch with our team of probate solicitors in Doncaster and Sheffield.
Get in touch with a member of our team today to discuss your requirements.
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