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Inheritance Tax 

There will be an adjustment to the requirement to administer annual Tax Returns if the individual was in self-assessment and submitted Tax Returns during their lifetime. 
 
The tax year is effectively split from the start of the tax year up until the date of death and a normal income tax return is prepared for that period. 
 
During the period of administration there would be a continued requirement to prepare a separate return for the Estate of that individual if any income or capital gains are realised by the Estate after death but before the assets are appointed out or distributed. 
 
A second consideration relates the reporting of any IHT and submitting the relevant forms that are required by HM Revenue & Customs. There is the possibility to consider mitigation of IHT by varying the contents of a will and ensuring any expenses or relief from IHT is maximised. We can work with legal professionals to ensure that this process is handled correctly from a tax perspective. 
 
We also offer IHT planning and are happy to provide a will 'health check' to ensure that an individual has not missed any opportunities to mitigate IHT during their life time. Many of our clients like to consider actively planning to mitigate IHT and we can prepare IHT reports which provide a significant amount of detail in this area. 
 

To view the latest updates relating to inheritance tax advice please click on the article below: 

 
 
 
 
 
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