Executors could save thousands in Inheritance Tax under new tax allowances
Despite the introduction of the Transferable Nil Rate Band and Residents Nil Rate Band in April 2017, death duties in the UK for 2017-2018 hit a record high of £5.2 billion indicating that families may not be claiming tax saving relief available to estates.
Many are unaware that additional Nil Rate Bands exist, they fail to complete the HM Revenue & Customs Inheritance Act accounts and schedules properly and thus pay too much tax. There are particularly difficult issues in relation to the Residence Nil Rate Band, for example, if the Will contains a discretionary trust it does not automatically qualify for the new relief, additional steps must be taken to qualify.
Under present law, cohabiting couples do not qualify for the Nil Rate Band relief, only married couples or civil partners.
At Tyndallwoods we understand it is not easy to carry out the duties of an executor in administering an Estate, particularly achieving maximum tax relief. Our specialist solicitors offer a quality service in dealing with these matters. To speak to one of them call 0121 693 2222.
The information provided in this post has been thoroughly and diligently researched to ensure its accuracy. The information and advice given on behalf of Tyndallwoods is general advice and we remind those reading the blog posts that the information is correct at the time of publication. We cannot take responsibility for an action, or lack thereof, from those who solely reference the content of the blog. We would like to remind readers that each case is unique and different and therefore accurate advice will be moulded by our solicitors to accommodate your specific case.