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To value an estate, when administering it, there are two sets of values that you need to consider; the gross and net values for Inheritance Tax (IHT) purposes and the gross and net values for Probate purposes. Depending on how the deceased’s assets are owned, and whether there are any lifetime gifts to consider, these values may be the same or different, sometimes significantly.

Gross and net values for IHT

These are the values that the IHT calculation will be based upon and determine how much tax is paid, if any. This calculation will include the value of all of the assets that are held in the deceased’s sole name as well as a proportion (usually half, but not necessarily) of any jointly owned assets.

The calculation will also include the value of any gifts that were made by the deceased in the seven years before their death, after deducting any applicable exemptions such as annual or small gift exemptions.

The value of the gross estate for IHT purposes will also include the value of some trusts that the deceased had the benefit of during their lifetime to the date of their death (or any interest that they disposed of in the seven years before their death).

Once the values of all of the sole assets, the share of any joint assets, and any applicable gifts and trusts has been established, this is added up and the total is known as the gross estate for IHT.

From the gross estate, you can then deduct any liabilities (or share of liabilities from joint assets) that the deceased may have had at the date of death. This will include things such as outstanding credit card balances, mortgages on properties, and outstanding care fees.

When you have established the extent of the liabilities, this figure is deducted from the gross estate to give the net estate for IHT purposes, which will then enable you to calculate whether any IHT is due from the estate. This may also result in IHT being paid by any trusts that have been taken into consideration.

Gross and net values for Probate purposes

These totals differ from gross and net values for IHT as they do not include any joint assets, gifts or trusts. This is because joint assets do not pass in accordance with the deceased’s will or the intestacy rules but by survivorship (i.e. to the surviving joint owner). Gifts and trusts are not owned by the deceased at the date of their death and so also do not follow the deceased’s will or the intestacy rules.

Therefore, to value the gross estate for Probate purposes, you simply add up the value of all of the assets held in the deceased’s sole name at the date of their death and deduct the value of any liabilities in their sole name. If a mortgage is held in joint names, the liability passes to the surviving joint holder and so this is not deducted for Probate purposes.

The gross and net values for Probate purposes will appear on the Grant of Representation when it is issued by the Court, but the IHT values will not appear.

Obtaining the values

This usually involves getting in touch with any financial institutions that the deceased had dealings with in order to obtain the balances on the date of death. Other assets, such as shareholdings and properties, will need to be valued to be included in the paperwork.

If you are a personal representative of an estate (either an executor or administrator), it is very important that you ensure that you give the correct financial information to the best of your knowledge to the Court and, if applicable, to HMRC as both require that you make a declaration that you have done so. Whilst honest mistakes are accepted, you are expected to have made every effort to ensure that the information that you provide is correct. When you ask Tollers to administer an estate on your behalf, we will ask you for details of the assets that you are aware of and we will contact the financial institutions on your behalf to establish the values in the estate. We will also advise you as to how properties and other assets should be valued and assist you with this.

Talk to Tollers

If you need advice or guidance…Talk to Tollers on 01604 258558.  Our experienced team is sensitive and supportive and always have your best interests at heart

Losing a loved one is something that we will all experience at some time during our life and, at what is an emotional time, it can be very difficult to consider what needs to be done in order to deal with the deceased’s estate. This article will advise you of the practical actions that need to be taken.

Unfortunately, until the death has been registered there is nothing that you can formerly do in respect of the deceased’s estate. This is because all organisations will require a copy of the death certificate to confirm the death.

Did the deceased leave a Will?

If the deceased left a Will then this will appoint Executors who have the authority to deal with the estate administration.

If the deceased died Intestate (without having left a valid Will) then the Intestacy rules determine who has the authority to deal with the administration. A member of the Tollers Trusts and Estates team will be able to assist with confirming who can deal with the estate depending on the deceased’s family situation.

Register the Death

Following someone’s death you will need to arrange for the death to be registered with the local Registrar. The GP who confirms the death will need to provide the Registrar with the cause of death information and once this is received an appointment can be made by you to register the death. This can be arranged online or by phoning the office locally to where the death occurred. You will need to provide the registrar with the full name of the deceased, date of birth, date of death, full address, occupation, marital status and the full name of any spouse or civil partner (deceased or surviving).

The number of death certificates required will depend on the number of deceased’s assets but each organisation will return the original to you so there is no need to buy an excessive amount. Please also bear in mind that if you instruct a solicitor to deal with the estate administration then they will be able to provide Death Verification forms of the original death certificate instead (if required).

Deceased’s property

The most important action in respect of the deceased’s property is to ensure that the property insurance company is advised of the death and that confirmation is provided as to whether the property is no longer occupied. Most insurance companies will carry on insuring the property but this may be for a limited time or limited risks or they will increase the premium to cover the additional risk if the property is empty.

It is advisable to remove any items of value as soon as possible after the death i.e; jewellery, cash, valuable artwork, antiques etc.

If the new owner remains living in the property then it would be advisable to either transfer the policy to them or make arrangements for a new policy to be entered into in their name.

Arrange the Funeral

You will need to instruct a Funeral Director to deal with the funeral arrangements, in the event that a pre-paid arrangement is not in place. If the deceased had a pre-paid funeral plan then this may refer to a specific funeral director who should be contacted.

If the deceased has made a Will then they may have included wishes in respect of their funeral and so this will need to be taken into consideration when arranging the funeral.

The funeral director will require a ‘green form’ from the registrars before they take any action as this is the authority for them to act. You will, however, be able to make an appointment to meet with the funeral director in order to discuss the arrangements. Consider clothing, venue, flowers and reception.

Tollers Trusts and Estates Team

Our friendly and approachable team will be happy to help with any questions that you may have regarding the process of dealing with an administration of an estate after losing a loved one. We will be able to support you, provide advice and assist you with the administration process from ascertaining the date of death value of the estate, making an application for the Grant of Probate, cashing in the assets and making the final distribution to the legal beneficiaries.

If you have a question…Talk to Tollers on 01604 258558 our experienced and empathetic Trusts and Estates team is here to provide you with the best information to help you make the decsions that are required.

More information can be found here.

Writing your Will and lifetime planning is an important part of preparing for the future.

Inheritance tax may be payable on your death depending upon the value of your estate when you die.  There is an allowance for each person’s estate before inheritance tax is payable which, on current figures, is £325,000, known as “the Nil-Rate Band”.  Subject to certain conditions, where you own your own house and leave it to your children, your estate can also qualify for an additional allowance of up to £175,000 known as “the Residence Nil-Rate Band”.

These allowances are transferable between spouses or civil partners.  For example, if the first to die leaves everything to the survivor of them, then their entire estate is exempt from inheritance tax.  In this case, on the subsequent death of the second of them, their estate would benefit from a doubling of the nil-rate band ie their estate would need to exceed £650,000 before any inheritance tax was payable.  If they are also eligible for the Residence Nil-Rate Band then their estate will need to exceed £1m before any inheritance tax is payable.  Any sum over and above any Nil-Rate Band allowance is taxable at 40%.

It is therefore important that you look at estate planning to consider mitigating any inheritance tax payable on your death.  This can be done in a number of ways including writing a tax-efficient Will, lifetime giving, considering charities and/or managing your inheritance tax liability by making use of all available exemptions and reliefs.

It is also worth bearing in mind that if you are a beneficiary of someone’s estate and you do not “need” these funds, it may be possible to re-write the person’s Will after their death.  Most people do this to pass the inheritance onto their own children by what is known as a Deed of Variation.  Providing this is done within two years of the death and the appropriate elections are made in the Deed the gift will be treated as having been made by the Deceased rather than you for inheritance tax purposes.

If you are planning to write or update a Will or require assistance with lifetime planning in regard to your estate…Talk to Tollers on 01604 258558, our experienced Trusts and Estates team is on hand to guide you through the process.

More information regarding Inheritance tax…

The main difference between a Lasting Power of Attorney and a Deputyship centres around a person’s capacity. If a person does not have capacity, they will be unable to make a Lasting Power of Attorney, however, an application might need to be made to the Court of Protection for a deputy to be appointed to manage their financial affairs or their health and welfare.

Capacity

A person will be judged to have capacity if they can communicate: the nature of a lasting power of attorney, who they would like to act as their attorney and in the case of a Property and Finance Lasting Power of Attorney, how the appointment of an attorney will enable another person to manage their finances.

If there are any doubts about a person’s capacity, an assessment will need to be completed by a medical professional or qualified social worker in order to evidence capacity.

Lasting Power of Attorney

A lasting power of attorney (LPA) allows a person, with capacity, to appoint family members, close friends and/or professionals to act as their attorneys. Replacement attorneys can also be appointed just in case an original attorney becomes unable to act for whatever reason.

There are two different types of Lasting Powers of Attorney: Property and Affairs LPA and Health and Welfare LPA.

A Property and Affairs LPA allows attorneys to manage a person’s financial affairs. This could include the management of any bills, signing cheques and could even include the sale of a person’s property to fund their care fees.

A Health and Welfare LPA allows attorneys to make health-related decisions such as where a person might live, what medication they take and could include the authority to give or refuse consent to life-sustaining treatment on behalf of the person.

Deputyship Order

If a person lacks capacity, you can apply to become someone’s deputy through the Court of Protection. This is known as a deputyship application. A person might lack capacity when they have dementia, severe learning difficulties or have suffered a brain injury. A capacity assessment will need to be completed to confirm that a person does not have capacity before you can apply to be a deputy.

There are two types of deputyship orders: a property and financial affairs deputyship and a personal welfare deputyship. These mirror the different types of LPA.

Property and Financial Affairs Deputyship

Once a deputyship order has been granted by the Court of Protection, the deputy would have the authority to make financial decisions on the person’s behalf.

Personal Welfare Deputyship

If a deputyship order has been granted by the Court of Protection, the deputy would normally have authority to make specific decisions regarding a person’s day-to-day medical treatment (which could include life-sustaining treatment), where a person lives and any matters relating to their personal care. It is important to note that these orders are increasingly rare and supporting evidence would need to be strong in order for the Court to grant this order.

If you would like more advice and guidance regarding Lasting Powers of Attorney or putting a Duputyship in place…Talk to Tollers on 01604 258558 experienced Trusts and Estates and Elderly and Vulnerable team who are on hand to sensitivity advise and guide you through the process.

More about Lasting Powers of Attorney…

More about Deputyship…

What are the benefits of a Discretionary Nil Rate Band Trust?  There are many reasons why it is sensible to regularly review your Will and clients will often contact us when their circumstances have changed in order to ensure that their Wills reflect their current wishes. Whilst you may be aware of the need to review your will when things change for you, you may be less conscious of changes to Inheritance Tax rules that mean a change to your will might be sensible. A good rule of thumb is to consider reviewing your will every 5 years to ensure that any changes in the law are regularly considered.

It is particularly important for you to consider your will if you made this prior to 2008, when significant changes were made to the rules around Inheritance Tax. Before this, the Nil Rate Band (effectively a tax-free allowance) for Inheritance Tax was “use it or lose it” on the first death in a married couple. As a result, where the surviving spouse received the whole estate on the first death, there would only be one Inheritance Tax Nil Rate Band available on the second death, which could result in a significant Inheritance Tax liability. One way around this was to create a Discretionary Nil Rate Band Trust in wills to take effect on the first death to use the Nil Rate Band and reduce the value of the estate on the second death.

Whilst these Discretionary Trusts were sensible at the time, in 2008 legislation was introduced to create the transferable Nil Rate Band. This meant that, in cases where the surviving spouse received the whole of their husband or wife’s estate, it became possible to use both Inheritance Tax Nil Rate Bands. This significantly simplified the Inheritance Tax position for most married couples and made Discretionary Nil Rate Band Trusts in wills redundant from an Inheritance Tax planning perspective.

Further changes in the law in 2015 introduced the residence Nil Rate Band (which came into effect in 2017). This gave an additional allowance for Inheritance Tax to those that own their own home, who are passing this to their direct descendants (i.e. children, grandchildren, etc.), providing the beneficiaries of the property have an immediate post-death interest. This means that the property cannot be held in a discretionary trust. The idea of the Residence Nil Rate Band was to give married couples, who are passing their estates to their children, a total allowance for Inheritance Tax of up £1millon.

These changes in the Inheritance Tax position go to show the importance of not treating the creation of your will as a single event and set in stone. The will that you prepared in 2005 may have been the right thing to do at the time but could now lead to unnecessary administration after your death or even a higher Inheritance Tax bill. It is for this reason that Tollers recommends that you should review your will every 5 years so that we can advise you of any changes in the law that you might have missed and any changes to your will that you may wish to consider as a result.

For more advice and guidance…Talk to Tollers Wills, Trusts and Estates team on 01604 258558,  they will be able to assist you to make the best decisions for you and your beneficiaries.

 

Frequently Asked Questions relating to Wills, Trusts and Estates.

The Issues of Deputyship Management have recently been highlighted in the media.  You may have seen the reports surrounding Britney Spears, and her father having control over her finances through something called a Conservatorship. Her father was granted control over her finances in 2008, after it was decided that Ms. Spears lacked the capacity to manage her own property and finances. Ms. Spears however alleged that the Conservatorship carried on for too long and that her father had abused his position. Ms. Spears has now successfully challenged her father’s Conservatorship and is once again managing her own financial affairs.

Do we have Conservatorship in this country?

In England and Wales, the equivalent of a Conservatorship is a Deputyship.

What is a Deputyship?

A Deputyship is a Court Order made by the Court of Protection. In essence, the Court of Protection will consider whether someone (“P”) has the mental capacity to manage their own finances. If, based on the evidence presented to them, they consider that the individual concerned lacks mental capacity, they will grant a Court Order appointing a Deputy to manage that person’s financial and property affairs.

When is a Deputyship needed?

If “P” has indeed lost mental capacity to manage their own finances. This could occur due to illnesses such as dementia, mental health disorders or due to “P” being in a coma. A Deputy can ensure their financial affairs are in order. A Deputy can also be appointed to make decisions relating to the health and welfare of “P”, under a separate Court order.

How do I become a Deputy?

In order to be appointed as a Deputy, an application has to be made to the Court of Protection. Several application forms have to be completed. Indeed, the proposed Deputy must complete application forms providing their information, and confirm that they fully understand the duty they are undertaking and the responsibilities that come with being a Deputy. The Court requires details of “P”, details of “P’s” finances and a capacity assessment which should be completed by an appropriate health professional.

What happens once I become a Deputy?

Once a Court order has been made appointing an individual as a Deputy, the Deputy then has legal authority to control “P’s”  finances. Once the Court order is granted, the Deputy assumes responsibility for that individual’s finances, and so must ensure they manage everything accordingly.

The Court Order will however place restrictions on the powers available to the Deputy. The Court will not usually issue a Court Order which gives carte blanche to the Deputy to manage “P’s” affairs in whatever way they see fit.  For example, the Court will usually require a further application in order to sell property belonging to “P”.

What does Deputyship Management involve?

Deputyship management includes looking after “P’s” property, paying their bills and care fees (if applicable), making sure they receive any benefits they are entitled to and ensuring they have enough income to meet their needs. Deputies also have to keep a record of all financial transactions they undertake on behalf of “P”, and each year have to complete a report and send this to the Office of the Public Guardian.

Furthermore, professional Deputies, that is Deputies who are paid for their role as Deputies, have to ensure they comply with the Office of the Public Guardian Professional Standards. Failure to adhere to the standards could mean that the Office of the Public Guardian investigates whether the Deputy is competent enough to be a Deputy, and in some circumstances may refer the matter to the Court of Protection who may remove the Deputy in question.

If you need advice on how to put a Deputyship order in place or would like to discuss a Deputyship issue…Talk to Tollers on 01604 258558, our team is on hand to answer your questions and guide you through the process.  To find out more on out Deputyship Management services click here.

More information on how to become a deputy…

Tollers take great pride in supporting local organisations and charities wherever possible, having been established locally in 1877,  we have deep roots in Northamptonshire and the surrounding areas.

With that in mind Tollers are delighted to have been able to sponsor a fresh new makeover for the Northamptonshire Association for the Blind’s (NAB) mobile sight centre (pictured) and to celebrate 125 years of the charity.

The mobile sight centre makes it easier for individuals with disabilities to access valuable information and products, by taking these on the road to various hotspots around Northamptonshire.

The NAB provides a range of support and services county-wide, including exercise and dance classes, telephone befriending and primary school education programmes.

Tollers are also proud to offer a free Will scheme in association with the NAB, to help raise valuable funds and awareness of NAB’s services. Under the scheme Tollers will provide a simple Will (and mirror wills) free of charge and encourage a voluntary donation or legacy to be made to NAB in return.

Tollers Partner and Head of the Elderly and Vulnerable Client Unit, Tonina Ashby said “We are delighted to be able to develop our relationship with NAB. Tollers’ origins are here in Northamptonshire and so we are always keen to support local organisations and charities and to help where we can.”

Making a will is often associated with retirement planning. However, this is not just a document to be considered for older people. Making a Will is particularly important at any milestone of your life (getting married, buying a property, having children, getting divorced, remarrying) and can provide your family with certainty and security when you have gone.

If you are interested in making a Will and supporting a good cause in the process, please contact Tollers today on 01604 258558, quoting “NABWEB”.

In the meantime, check out the Nab website for details of products and services: https://nab.org.uk/ and see if you can spot the Mobile Sight Centre as it resumes its travels around the county.

Making A Will

With the further easing of lockdown restrictions this week, the nation begins its return to a new form of normality. In the wake of the Coronavirus Pandemic, the World will undoubtedly be asking itself: “What could we have done to be more prepared”?

For those individuals that have been shielding throughout the lockdown such as the elderly, those with underlying medical conditions and those in residential communities and homes for older people, there is a simple step which you can take to protect yourself in the event of future crises.

A Lasting Power of Attorney (LPA) would allow you to choose people that you trust to manage your affairs and make decisions for you if you were unable to make them for yourself. Most people consider these documents to be effective when loved ones lose what is known as “mental capacity”. However, there is a more practical side to the Lasting Power of Attorney for finances.

The financial Lasting Power of Attorney (LPA) can be used even while you still have your mental faculties. With your consent, your loved ones are able to pay bills for you, do your shopping, visit the bank and move your money around on your behalf. That means that if you are shielding at home during a lockdown, or if you are simply away on holiday or have a stay in hospital, your trusted Attorneys can continue to manage your finances for you.

Lasting Powers of Attorney (LPA) do not run out: they last throughout your lifetime and do not need to be renewed. This is the best form of protection for you, your Attorney and your finances. You should NEVER pass over your bank card and number as this is not secure and your loved one could end up getting in trouble for using it in this way.

An LPA must be made while you have mental capacity and can understand it fully. As none of us know what may be around the corner, it is best not to delay in starting this process.  The documents have to be registered before they can be used, and this process can take around 3 months. It is therefore important to get these affairs in order sooner rather than later.

Don’t get caught short…talk to Tollers Elderly and Vulnerable Client team on 01604 258787 to request a factsheet, discuss your requirements further or visit our website:   https://www.tollers.co.uk/elderly-and-vulnerable-clients/lasting-power-of-attorney/  for more information.

It is often said that inheritance tax (“IHT”) is a voluntary tax and provided early and if planned action is taken by making gifts during lifetime, it can often be legitimately avoided or reduced significantly.  However, many people are reluctant to make substantial lifetime gifts for fear that money or other assets gifted to children or other relatives will be wasted on the proverbial “wine, women (or men – SIC) and song”!

For those that have such concerns, a Discretionary Trust could provide the perfect solution.  Trusts have acquired a bad reputation for being complicated, inflexible and expensive to run but this is not the case with a Discretionary Trust which allows a person (“the Settlor”) to make a substantial gift of assets but at the same time retain legal protection and more importantly, control over the assets gifted.  Trusts have been used successfully for hundreds of years to protect family wealth.  A Discretionary Trust is the most flexible type of trust.  No beneficiary has any right to income or capital and the trustees, being the persons who have legal ownership of the assets given, have complete freedom to decide who (from the specified beneficiaries) receives any benefit, being income or capital, and when. The trustees also have complete freedom to invest monies in any investment authorised by the trust deed which will usually include a very wide power of investment. Because the trustees have such control, this type of trust can be particularly useful for settlors who wish to protect assets from, among other things, divorce or being swallowed up in care fees and/or bankruptcy

The tax treatment of Discretionary Trusts can be complex and the following is a very brief outline.

Inheritance Tax

The gift by a Settlor into a Discretionary Trust is what is known as a “chargeable transfer” for IHT purposes but provided the value of the assets gifted, aggregated with any other chargeable transfers made in the previous 7 years does not exceed the IHT Nil Rate Band (currently £325,000) then no IHT is payable when the gift is made.  If more than £325,000 is gifted then IHT is payable at the lifetime rate of 20%. If the Settlor dies within the 7 year period, then an additional 20% is payable bringing the tax up to the death rate of 40%.

Death within the 7 year period effectively means that the value of the assets gifted are added back into the estate for IHT purposes.

Discretionary Trusts can also be subject to an IHT charge in their own right every 10 years or when assets leave the trust.  However, provided the value of the trust when it is created is within the IHT Nil Rate Band then no charge will arise in the first 10 years and, barring any drastic increase in the capital value of the trust, any subsequent tax charges are likely to be relatively small.

Income Tax

Generally, Discretionary Trusts pay income tax on any income the trust receives at 45% (38.1% on dividends) but when income is distributed to a beneficiary, they receive a tax credit and may be able to reclaim any surplus tax depending upon their personal circumstances.

Capital Gains Tax

Any gains inherent in an asset gifted to a Discretionary Trust can be held over into the trust and likewise, when an asset which has a capital gain leaves a trust, e.g. is given to a beneficiary that gain can also be held over to the beneficiary.  This does not, however, apply where it is the family home that is owned by the trust.  Holding over the gain effectively means that the trustees or the beneficiary take on the asset at the value it had when it was acquired by the original owner, or the value at which the trust purchased the asset.

If trustees make a chargeable gain on the disposal of assets held by the trust then CGT is due at the rate of 20% (28% on residential property) on anything above the trust allowance, a maximum of £6000 at current rates.

In summary, a Discretionary Trust can be a very useful vehicle for those who have an inheritance tax problem and wish to exercise control over assets that they are prepared to give away.  For example it is possible for a married couple to remove £650,000 (2 x £325,000) from the value of their estate every 7 years, which on death would otherwise be taxed at 40%, so saving £260,000 in tax every 7 years!

For more advice and guidance…Talk to Tollers Wills, Trusts and Estates team on 01604 258558 and they will be able to assist you to make the best decisions for you and your beneficiaries.

https://www.tollers.co.uk/wills-trusts-and-estates/trusts/

 

Inheritance Tax can be a difficult matter to deal with.  With the emergence of COVID-19 and the application of government lockdown restrictions, the economy has found itself struggling. The uncertainty of what is to come has seen stock markets plummet and the property market put on pause. Those administering the estates of individuals who passed away prior to COVID-19 may now face a difficult situation of selling shares and property at a lower value than was initially anticipated. If Inheritance Tax has already been calculated and paid based on higher anticipated values, there may be an option to reclaim tax paid on the “lost” value of these assets.

Inheritance Tax (IHT) is generally applied to estates valued over the “nil-rate band”. The basic nil-rate band is £325,000 for an individual and so tax may be payable on estates which exceed this value. Tax is calculated on the value of assets at the date of death. This may have been considerably higher than the actual value achieved on the sale of shares or property following the impact of COVID-19.

Inheritance Tax Loss Relief allows the appropriate persons (usually the Personal Representatives of the estate) to apply for a refund of the overpaid tax if property or shares are sold at a “loss”.

For example, if the date of death valuation for listed shares was £50,000, tax applied at 40% could have been paid at £20,000. If those shares are later sold for £40,000, the appropriate level of tax would have been £16,000. In the circumstances, Inheritance Tax loss relief would allow the appropriate people to reclaim the overpaid tax of £4,000.

What you need to know – Loss Relief for Shares:

A claim for IHT loss relief can be made for sales of listed shares and securities and unit trusts. It is not available for non-listed or AIM shares.  The relief applies to sales which take place within 12 months of death.

HMRC will consider all such sales which take place during this period and will apply the calculation to the whole picture. This means that if some shares sell for a higher value than the date of death value, the relief will be adjusted accordingly.

HMRC will also consider any purchases of assets made by the estate. The relief is applicable on sale and does not apply to basic transfers to beneficiaries except in specific circumstances.

The time for making the claim is within 5 years of death.

What you need to know – Loss Relief for Land/Property:

A claim for IHT loss relief for land can be made for sales within 4 years of the date of death.

The loss must equate to more than £1,000 or 5% of the date of death valuation (whichever is lower).

As with the sale of shares, to claim the relief HMRC will consider all property/land sales by the estate within the 4 year period and will adjust the relief accordingly. Special rules apply when further assets are purchased/sold in year 4.

The relief is not available for transfers or sales to a beneficiary or one of their relatives.

The time limit for making the claim is within 7 years of death.

The claim process itself is fairly straight forward however, once a claim has been made it cannot be withdrawn. It is therefore important that you seek advice and assistance if you think an estate you have been involved with may benefit from this relief.

If you would like more information regarding any Inheritance Tax issues you are facing Talk to Tollers…on 01604 258558. Our Trusts and Estates team are here to provide advice and can assist with starting any claim you may have regarding a refund of overpaid inheritance tax.

More information on the services our Specialist team provide can be found here: https://www.tollers.co.uk/wills-trusts-and-estates/

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