Latest HMRC figures show an increase in inheritance tax receipts of nearly 19% this tax year, with estates paying an eye watering £2.4bn.
Despite the new tax breaks families appear to have been hit harder than ever as the tax man adopts an increasingly aggressive approach to an already over complicated tax system. Many families don’t realise that the reliefs available to them, such as the transferable spouse’s nil rate band, and the new residence nil rate band, are only available if claimed.
Families trying a DIY approach often find themselves drowning in a pool of calculations, not to mention the forensic like investigation around the deceased’s affairs, and as a consequence end up inheriting far less than they could.
To add insult to injury, given that tax is due on the estate within 6 months of the deceased’s passing, and before beneficiaries can take ownership of the assets, families are often faced with a hugely burdensome financial quandary at a time when they are grieving the loss of their loved one.
The need for quality legal advice therefore is essential to ensure probate runs smoothly and crippling penalties that erode the estate are avoided.
Call today so I can help to guide you through the maze.
This information provided in this article is not intended to constitute legal advice and each relationship breakdown requires careful consideration in our view by a fully qualified Solicitor before decisions are made and before you embark on a certain course of action.
Penn Chambers Solicitors
0207 183 1485