Inheritance tax is the tax paid on a persons’ estate if it is worth over £325,000 when they die. The current rate is 40% of anything above the inheritance tax allowance. This rate can be reduced to 36% if 10% of the estate was donated to charity. The individual in charge of paying the tax is the executor of the will or administrator of the estate. Trustees are responsible for paying the inheritance tax as most individuals who receive Inheritance do not need to pay the tax. If you are not sure whether or not you are even supposed to pay inheritance tax, it is best to seek legal advice.
At Bloomsbury Law, we appreciate that tax can seem confusing, complex and overwhelming to those unfamiliar. There are a number of forms and a great deal of information required in order to correctly complete your taxes. We have years of experience in the industry and we can assure you that we will listen to your circumstances and advise you accordingly, taking you through the process as swiftly as possible.
What do I do next?
Contact us online or speak to one of our dedicated specialists on 0207 998 7777 for a free initial consultation. With our vast experience in the field, our bilingual speaking team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.