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To establish how much of an estate is liable to Inheritance Tax, we’ll consider all the Assets and Liabilities held in the name of the person who’s died (the deceased). Assets would typically include property, possessions, savings and investments, while Liabilities might include an outstanding mortgage or loan, unpaid bills or any taxes owed. We’ll also consider the deceased’s share of any jointly-owned Assets.

Any Inheritance Tax owed to HMRC must be paid before we can legally share out the Assets to the people named in the will as Beneficiaries. In most cases, the Inheritance Tax bill is usually settled using funds which are readily available in the Estate – for example, in a savings account of the deceased.

Please be aware that current Inheritance Tax rules and reliefs may change in the future and that their availability and value will depend on individual circumstances.

If there’s a Capital Gains Tax bill to be paid in the Estate, we’ll use Estate funds to settle it. The rules on Capital Gains Tax can be quite complex, so we’ll always take the time to explain any Capital Gains Tax we have paid carefully.

If any Assets are transferred to you, we’ll tell you what their probate value (the acquisition value) is. This value is important as, if you sell these assets in the future at a higher value, you may have to pay Capital Gains Tax on the sale.

We’ll send you the appropriate tax deduction certificates, which you can then submit to HMRC with your Income Tax return.

We’ll explain exactly what you need to do at the time. If you don’t pay tax, or pay it at a higher rate, these certificates will help you apply for a tax refund or to make an additional payment. It’s very important to keep a careful note of the income you receive from the Estate.

Please note that tax reliefs and other matters referred to are those available under current legislation. These may change, and their availability and value will depend on your individual circumstances. 

We can provide a full review of your own financial position to reflect your new circumstances.

Fees apply for this service, however we can arrange an initial, no-obligation meeting to understand if financial advice would be suitable for you, and to clearly explain the charges and fees that would apply.

Our qualified advisers can help you decide how to make the most of your wealth and can offer guidance on investments, insurance, pensions and tax planning.

Please note the service is available to customers who want financial advice and are able to invest £250,000 or more from deposit based capital and hold a minimum of £360,000 in deposit based capital overall.