Inheritance Tax (IHT)

Inheritance Tax is a tax that must be paid on a deceased estate (property, money and possessions) when they die.

What does the amount of inheritance tax that has to be paid depend on?

The amount of inheritance tax that is paid depends on what assets they have at the date of their death and on gifts that they have made during their lifetime.

Why is professional advice important when making a will?

When making a will, will writing advice is essential to determine whether your estate will be liable for inheritance tax and whether you can do any tax planning to minimise tax due on your death.

Do I need to think about inheritance tax on gifts made during my lifetime?

Many people do not even consider that some gifts made during their lifetime may be subject to inheritance tax. Therefore, it is essential to understand how these rules might apply to you and plan accordingly.

What are the executor’s responsibilities regarding inheritance tax?

As an executor, you must 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.

How we can support you

At Taylor Bracewll, our expert solicitors in Doncaster and Sheffield are here to discuss all aspects of inheritance tax with you, including offering inheritance tax advice.

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 can assist you.

For more detail on other areas of tax, click the links below: