Tag Archive: IHT
Time limits for Legal Claims Against the Estate
There are time limits in place for legal claims against an estate. Executors of an estate must settle all legal claims, debts and liabilities associated with the deceased in a timely manner. However, in some cases the claims can be difficult to ascertain. An executor can be liable for the debts of an estate. He… View Article
Excepted Estates and Small Estates
The amount inherited by a spouse or civil partner is usually exempt from Inheritance Tax. The situation is more complicated if the surviving spouse or civil partner is not domiciled in the UK. We will explain below the meaning of some commonly used phrases relating to Inheritance Tax, excepted estates and small estates. Excepted Estates… View Article
A Summary of Lesser Known IHT Reliefs, Exemptions and Allowances
For those with significant assets, there are a number of IHT reliefs to help friends and family whilst they are still alive. However for some people, especially those with significant assets, there are tax efficient ways (regarding things such as IHT) to help friends and family whilst they are still alive. Potentially Exempt Transfers One… View Article
HMRC’s Bereavement Service and Personal Applications
In 2012 a dedicated HMRC bereavement services team was launched that deals with PAYE and Self Assessment issues which arise when a taxpayer dies. The team provides family members or personal representatives with a single point of contact. They work to finalise the PAYE and Self Assessment affairs of the deceased. The family members or… View Article
What is IHT Online?
The government, together with HMRC, are working towards the introduction of a new online service. It will support the administration of Inheritance Tax (IHT). This measure was first announced by the then Chancellor, George Osborne as part of the 2013 Autumn Statement measures. The new service – “IHT Online” = will eventually replace the almost… View Article
What Happens to your Digital Assets When You Die?
Ever wonder exactly what happens to your digital assets when you die? While no-one likes to think about their own mortality, it is important to have ones assets and affairs in order before the inevitable happens. Part of this involves making proper provision such as having a will in place & minimising the burden placed… View Article