Losing a family member is never easy, and the last thing you will want to think about is whether or not you are liable for paying inheritance tax.
However, it is essential that you check so that you are aware of your rights and can prepare your family for the future ahead.
Inheritance tax is a tax levied on the transfer of an individual’s estate on his/her death to non-exempt beneficiaries (subject to a nil rate band).
Inheritance Tax is usually paid on a property when somebody dies, although it is also sometimes payable on trusts and gifts which made within 7 years of the individuals death.
Luckily for you most estates don’t have to pay inheritance tax. As long as your properties worth is not over £325,000 (gifts and trusts included) then you won’t have to pay 40% on any sums exceeding this threshold.
Inheritance tax can be a complicated issue, especially when there are couples involved, and at Owen Accountants we want to help. To help you calculate your inheritance tax costs, please feel free to contact our Tax Preparation team. With our support we can help you to alleviate the stress of such an emotional time in your life, and provide you with the tax advice you need to prepare for your own future.
As you can see above, we are much more than your average accountancy firm. Through our continued commitment to providing all our clients with the best business strategies; our tax accountants can help you to overcome all your taxation woes and help you to have one less worry on your shoulders.