Probate & Inheritance Tax

Are you dealing with a bereavement and don’t know where to start? When you are trying to cope with the loss of a loved one, the prospect of applying for Probate can be overwhelming.

Let us alleviate the stress and assist you with the time consuming task of collating all relevant paperwork, preparing the IHT forms and applying for Probate. When a person dies, you only have a period of 6 months from the date of death to pay any Inheritance Tax due to HMRC. Failure to comply with this deadline will result in a penalty fee for late payment.

We offer initial advice to quickly establish whether any Inheritance Tax will be applicable to the deceased or not. We give a detailed explanation of the tax thresholds and exemptions that can be used when calculating the deceased’s financial liability. It is important to remember that even if the value of the deceased’s assets is below the threshold and exempt from Inheritance Tax, you will still be required to submit an IHT calculation to HMRC in support of the figures for the deceased’s Estate.

As part of our application service, we can submit the Inheritance Tax calculation together with Probate Registry application on behalf of the Executor. We then obtain either a Grant of Probate or Letter of Administration, depending on whether the person died with or without a Will.

What is the Inheritance Tax Allowance

£325,000 Individual standard nil rate band PLUS £175,000 Main residence nil rate band applies if you own your property and pass it to direct descendants (your children will inherit).

Any assets with value over and above £500,000 will be subject to 40% Inheritance Tax.