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Inheritance tax on death

1.   I.H.T. is charged on the death of a person(a)  as if he had made a transfer of value immediately before his death; and(b)  as if the value transferred had been equal to the value of his estate immediately before death.2.    The “estate” is all property to which the deceased was beneficially entitled (whether or not it passes to the P.Rs.).(i)  it includes property “subject to a reservation”(ii) it does not include “excluded property”.

 

I.H.T. – Survivorship clauses (not exceeding 6 months)

1. Non-spouse beneficiaries -• the clause prevents a second charge to I.H.T. if the beneficiary dies within the survivorship period.

2. Interaction of spouse exemption and survivorship clause

 

(a)    if clause is included and spouse dies within survivorship period, I.H.T. is payable on the death of first spouse to die. I.H.T. will be charged on the second spouse’s estate without reference to property of the first spouse.

(b)    if clause is omitted no I.H.T. is payable on death of first spouse to die (spouse exemption); I.H.T. is payable on death of second.