Fuller Spurling

Call us:

01932 564098

Menu
  • Home
  • About us
    • People
      • Mark-Harvey-200×200Mark Harvey FCA – Partner
      • sue-keane-200×200Sue Keane FCA – Partner
      • amy-robins-april-2019-200×200Amy Robins LLB CTA ADIT – Partner
      • Consultant
      • Senior managers
        • David HodgsonDavid Hodgson FCCA
        • Photo of Philip Crowther-Green of Fuller Spurling Chartered AccountantsPhilip Crowther-Green
        • lana-ward-apr-2019-200×200Lana Ward
    • Offices
      • Fuller Spurling Chertsey officeChertsey Office
      • Fuller Spurling Sandhurst officeSandhurst Office
    • News
      • Will IR35 be postponed again?
      • IR35 – where are we now?
      • VAT reverse charge for the construction industry
    • About us
      General

      We give practical help and guidance whether you need help with your tax return or whether you run a business and need accounts, tax or VAT help and advice.

      Limited Companies and LLPs

      Whatever your size or industry sector we have the experience to be able to help and advise you. If you are a larger Limited Company or LLP then we can also carry out the statutory audit.

      FCA regulated entities

      If you run a business which is regulated by the Financial Conduct Authority we can help lodge reports to the FCA (typically via “Gabrielle”) and carry out the statutory audit if required.

      Charities

      We help charities prepare accounts and carry out Independent Examinations of Charity accounts or audits of the accounts of larger Charities.

      Solicitors

      We help prepare accounts and carry out Audits as required by the Law Society

    • Close
  • Accounting
    • Accounts & Auditing
    • Bookkeeping
    • Our Online Accounting Services
    • Close
  • Tax
    • Tax Compliance
    • Tax & VAT Enquiry Fee Protection Service
    • Tax Investigations and enquiries
    • Tax Planning
    • VAT
    • Reverse Charge Rules for Builders and Related Trades
    • Close
  • Specialist
    • Business Advisory
    • Charities
    • Company Secretarial
    • Contracts for self employed
    • ICAEW Business Advice Service
    • IR35 Contractors
    • Payroll
    • Tax & VAT Enquiry Fee Protection Service
    • Close
  • Land & Property
    • Inheritance Tax
      • Family Investment Company
      • Inheritance Tax and the Family Home
      • Property Trading Companies and Business Property Relief Case Law
    • Buying a property
      • Property Incorporation vs Ownership
    • Selling a property (Capital Gains Tax)
      • Capital Gains Tax – new payment deadline for residential sales
      • Changes to CGT, PPR and lettings relief – April 2020
      • CGT and Rebasing Explained
      • CGT Dates for Different Property Sales
    • Close
  • Making Tax Digital
    • MTD for VAT
    • Close
  • News
  • Contact Us
Home » News » Tax » Are you one of the 63% of UK residents without a will?

27th October 2020 by Amy Robins

Are you one of the 63% of UK residents without a will?

Do you have a will? Or a will trust, or a family trust?

Do you really understand its tax implications?

And if you don’t have a will, do you fully appreciate the implications for those you may leave behind?

 

lady and child - what are the implications if you die without leaving a willResearch from Macmillan Cancer Support reveals 63% of UK residents do not have a will. And those that do may not have revisited it for years.

What are the implications if I die without leaving a will?

Without a valid will, for Inheritance Tax purposes, an individual’s estate will be dealt with under the intestacy rules.

In short, this could lead to –

  • additional expense
  • uncertainty
  • potential family dispute
  • a much longer delay before the estate is resolved.

In some circumstances, applying for probate can be a really drawn out process, even taking a year or more to obtain the grant of administration, the legal requirement before the deceased’s assets can be distributed. If an individual dies with a will in place, the administrators will have authority (called a grant of probate) to speak to relevant companies on behalf of the deceased far sooner than under the intestacy process, which can lead to significant problems in managing the estate of the deceased particularly in relation to mortgage payments and utility bills.

For more details of the potential implications of dying without a valid will, i.e. of an estate being dealt with under the rules of intestacy, including examples for married couples, people in civil partnerships, people that are divorced but had children together, couples that jointly own their home (either as beneficial joint tenancies or tenancies in common) and many others, there is some really clear, independent guidance here via the Citizens Advice service.

In recent years there have been several changes to the law that governs the operation of wills and the laws that govern the tax treatment of trusts.

Inheritance Tax

Inheritance tax is a complicated area.

If you would like to get an idea of the liabilities that could be due from your estate, or to make an approximate calculation based on someone else’s, there’s a do-it-yourself guide to calculating potential Inheritance Tax liabilities here from Which? Or, if you’d like some expert help and guidance, we’d be glad to help.

We’ve helped many clients to understand what their potential Inheritance Tax liability is and to understand the terms of their will when the terms of the will come into practice.

In addition, we’ve assisted many individuals through the probate process by advising of the Inheritance Tax liabilities and preparing the relevant tax returns to reflect this, preparing self-assessment tax returns to report income or gains received during the administration period and on-going support with HMRC correspondence.

Trusts

There are many different types of trust that can be established in life or death and it is common for a will to reference a trust.

If your will references a trust, we can explain, clearly and in plain English, just how this will operate after your death and what the tax implications are. In some cases, a trust can establish an entirely new legal entity with its own tax identity, liable to make payments for tax and file tax returns.

Other help & resources

You can find more detailed information on what the implications are if you die without leaving a will from the following sites:

link to this-is-money article about inheritance tax and the implications if you die without a willFor an example of the strict legal rules that govern who inherits what when someone dies without leaving a will, there’s a very good illustration on the This Is Money site here.

screen-grab of Gov UK website intestacy tool to show what the implications are if you die without leaving a will?

 

And the GOV.UK site has an excellent step-by-step tool here to help you understand who stands to inherit what when someone dies without a will.

 

Finally, if you would like some personal help to understand your will or advice to help you consider effective tax planning for a new will, please contact us today – in most cases, we can even offer you a free consultation.

Call us on 01932 564098 or message us here.

 

 

 

 

Filed Under: Tax Tagged With: Family trusts, IHT, Inheritance Tax, Tax, Trusts

« Autumn 2020 Business Support Guide
Coronavirus Business Support Guide (November 2020) »

What’s your question?

Call 01932 564098

Recent News

  • Protected: Will IR35 be postponed again?
  • IR35 – where are we now?
  • VAT reverse charge for the construction industry
  • Coronavirus Business Support Guide
  • Nudges from HMRC, Christmas cheer, VAT refunds, SEISS & furlough… Our Tax Briefing clarifies.

News Categories

  • Articles
  • Case Study
  • Company Law
  • Opinion
  • Tax
  • Tax Q&As
  • Testimonial
  • Updates
  • VAT Q&As

Follow us

Client Zone

Latest news & posts

  • Protected: Will IR35 be postponed again? 18th February 2021
  • IR35 – where are we now? 5th February 2021
  • VAT reverse charge for the construction industry 1st February 2021
  • Coronavirus Business Support Guide 8th January 2021
  • Nudges from HMRC, Christmas cheer, VAT refunds, SEISS & furlough… Our Tax Briefing clarifies. 10th December 2020

Legal etc

  • Privacy Policy
  • Terms and Conditions
Fuller Harvey Ltd
Registered in England No: 3881540

© 2010–2021 Fuller Spurling - Chartered Accountants · Site by Powerhut · Built on the Genesis Framework