Loughborough probate solicitorsLoughborough probate solicitors

Loughborough probate solicitors –  fixed price probate just £600 inc VAT for an estate worth up to £300,000.

Inheritance tax rates

1.   I.H.T. on death is charged at (rates in the “Table”).

2. The value transferred on death is cumulated with lifetime chargeable transfers made in the previous 7 years (including potentially exempt transfers which have become chargeable by reason of the death) to determine the rates at which estate is chargeable on death.

3. On death, where it is necessary to calculate the tax attributable to a particular asset, the rate is the average rate of I.H.T. (often referred to as  the estate rate) applicable to the whole estate.  The “estate” includes settled property in which the deceased had a life interest.

 

Valuation

1.   Property is generally valued at price it might reasonably be expected to fetch sold on open market.

(a)            No reduction is made on ground that the whole property is placed on the market at the same time.

(b)            On death, estate is valued the moment before death – but certain changes in value caused by death are taken into account.

(c)            Quoted stocks and shares are valued at one quarter up from the lower to higher of the quoted prices.

 

2.   Liabilities of deceased are deducted in valuing estate to extent liabilities were incurred for consideration in money or money’s worth (or if imposed by law)

(a)   No deduction is allowed if there is a right of reimbursement.

(b)   Where liability is an incumbrance on property, as far as possible it reduces value of that property.

(c)   Allowance is made for reasonable funeral expenses (including tombstone or gravestone).

3. Where certain securities are sold within one year after death and the aggregate sale price of all such securities is less than their value at death, the “loss” on sale may be deducted from the value of the securities on death. Similar relief appli.es to land sold within three years of death.