Inheritance Tax Solicitors | P.A. Duffy & Co Solicitors

Inheritance Tax

Inheritance Tax is the tax imposed on a deceased person’s Estate- (their home, property, investments, bank accounts, shares, and possessions) after their death. Inheritance Tax is established on the value of the Estate at the time of the individual’s death and includes anything they gave away/gifted within the seven years before their death.

About Service

About Inheritance Tax

Who Pays Inheritance Tax?

Inheritance tax is usually paid by the person listed in your Will, known as the ‘executor’ or in cases where there was no Will drafted, Inheritance Tax is paid by the ‘administrator’.

In the cases where there is no money in the Estate, the money received from the sale of the deceased person’s assets will be used to pay the Inheritance Tax.

How We Can Help

Our specialist inheritance tax solicitors have experience in providing a legal service to:

Inheritance tax planning
Will drafting
Transfers and gifts
Charity donations
Filing Inheritance tax returns

How we can help

At P.A. Duffy and Co Solicitors, our goal is ultimately to minimise the impact of Inheritance Tax on your estate and, in turn, maximise the assets that are left to your family and loved ones. Our experienced solicitors will walk you through the necessary steps which may include writing or amending a will to include trusts and gifts. We will also provide guidance on your eligibility for the various exemptions that can be enforced to minimise the Inheritance Tax on your estate.

FAQs

For Inheritance Tax there is a limit put in place, known as the ‘Nil rate band’ which is currently set at £325,000. If a deceased person is passing on their estate which is below this limit they pay no tax as the rate is set at 0%. However, if the deceased person’s estate is anything above this £325,000 the Inheritance tax rate is usually 40%.