|
Background
Inheritance Tax is most commonly paid by the executors of the estate of someone who has died. Inheritance Tax is also payable on some gifts made by individuals during their lifetimes and may be payable in addition to Capital Gains Tax so careful planning is needed
Rates of tax
The current threshold for Inheritance Tax is £285,000 (effective from 6 April 2006) above which tax is payable at 40%.
If you expect that the value of your assets, including your home, is above this limit, then it is advisable to seek advice from a Chartered Tax Adviser to help reduce the tax burden for your executors and beneficiaries.
See more
Wills
It is recommended that Wills are reviewed regularly to keep up with the latest legislation. If your will was drawn up before 22 March 2006 it may now be out of date.
Gifts
Careful planning is needed during a taxpayers lifetime to make sure that advantage is taken of the various gift exemptions available.
Assisting executors
North Norfolk Taxation Service is also able to assist the executors of an estate in obtaining probate or letters of administration and dealing with the administration of the estate.
North Norfolk Taxation Service recommends that advice is sought sooner rather than later and offers a free initial meeting to discuss your potential exposure to Inheritance Tax.
|
