The chancellor’s autumn statement confirmed that the current Inheritance Tax threshold will be frozen until at least April 2028. This follows a previous announcement freezing it until April 2026. The two-year extension to the lower limit means that more families will be required to pay Inheritance Tax as more estates exceed the nil rate band of £325,000. Inheritance Tax levels […]
Inheritance Tax threshold frozen until 2028
How to obtain a Grant of Probate or Letters of Administration
After a death, it is often necessary to obtain a Grant of Probate or a Grant of Letters of Administration. This is the document that gives the deceased’s personal representatives legal authority to deal with their affairs and wind up their estate. If the deceased left a Will, it will name executors. These are the people who are responsible for […]
Will I have to pay inheritance tax?
In England and Wales, inheritance tax (IHT) typically has to be paid when an individual’s estate is worth more than £325,000 when they died. We offer free initial advice and our fixed fee complete estate administration service deals with the question of inheritance tax and ensures that the appropriate exemptions are applied. The £325,000 figure is the current inheritance tax […]
What are the duties of the personal representatives?
The administrator can be held financially liable for any loss resulting from a breach of duty, even if a mistake is made in good faith. Being named as Executor in a Will or being appointed on intestacy can involve complicated, difficult and time-consuming duties which often take up to a year to complete. It is crucial to get everything right […]
Can I Sell the Deceased’s Property to Pay Inheritance Tax?
Paying Inheritance tax (IHT) is not always a straightforward matter, particularly if the amount due is more than you, the executor, have available to pay. If the estate left in the will is more than £325,000, then 40% of any amount over this threshold will need to be paid to HMRC. It doesn’t matter whether the estate is property only, […]
UK Ministry of Justice Proposed Increase in Probate Fees Scrapped
Some people may be wondering why they haven’t heard any more about the proposed rise in probate fees which was part of the Government’s plans to increase revenue for the Ministry of Justice by £185m annually. This should have taken place last April but the Brexit impasse appears to have held up the decision. Just recently, the British government has […]
How to Escape Inheritance Tax the Legal Way
What is inheritance tax? Inheritance tax was first introduced in 1986. It is a tax that needs to be paid on the property or cash of some people after they die. Currently, the rate is set at 40 percent of all assets that exceed £325,000, so it really only applies to those who leave significant wealth behind when they die. […]
Choosing an Executor to Administer Your Will
The person who sorts out your property when you die and carries out the instructions in your Will is called your executor. It is preferable that you appoint an executor in your Will as it makes it easier to finalise your Will after you die. There are no restrictions on who you choose to do the job, but it is […]