DIY approach sees inheritance tax payments increase despite new tax breaks due to fiendishly complex rules

September 28, 2017

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.

 

Nino Cuffaro

Penn Chambers Solicitors
0207 183 1485

Please reload

Recent Posts
Please reload

Penn Group (Holdings) Limited. Regiestered in England and Wales: 06242712. A list of directors is available for inspection at the registered offices at 13 Austin Friars London EC2N 2HE. 

(c) Penn Group 2019

Each company within Penn Group is a limited company, a separate business entity and regulated by a different regulatory body; full details of which can be found here.