In the United Kingdom, inheritance tax is typically paid on the value of an estate (which includes assets such as property, money, and possessions) when someone dies. The tax rate is currently set at 40% on the value of the estate above the inheritance tax threshold, which is currently £325,000. Here are the general steps for paying inheritance tax in […]
How do I pay inheritance tax in the UK?
Update on Probate Registry Delays
During the course of the pandemic, there has been a considerable backlog of probate applications at the Probate Registry. This backlog was actually an exacerbation of a situation that has been ongoing since 2017. The reasons are not that simple to explain. Staff shortages at the Probate Registry and other complications during the pandemic are understandable, but these should have […]
Can I Sell the Deceased’s Property to Pay Inheritance Tax?
Paying Inheritance tax (IHT) is not always a straightforward matter, particularly if the amount due is more than you, the executor, have available to pay. If the estate left in the will is more than £325,000, then 40% of any amount over this threshold will need to be paid to HMRC. It doesn’t matter whether the estate is property only, […]
How to Escape Inheritance Tax the Legal Way
What is inheritance tax? Inheritance tax was first introduced in 1986. It is a tax that needs to be paid on the property or cash of some people after they die. Currently, the rate is set at 40 percent of all assets that exceed £325,000, so it really only applies to those who leave significant wealth behind when they die. […]