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.

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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.

What Services to P.A. Duffy & Co. Offer in Relation to Inheritance Tax Planning?

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.


What is the nil rate band?

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%.

How can I limit the Inheritance Tax?

At P.A. Duffy and Co., our Inheritance Tax Solicitors will talk you through the different options available for you to reduce the amount of Inheritance Tax.  Here is a list that we have compiled:

  • Gift giving– If you have passed your possessions to your beneficiary as a ‘gift’ seven years before your death then you do not have to pay any Inheritance Tax. These gifts could be in the form of property, money, investments, or your belongings. It is important to note that if you die within seven years and surpass the nil rate band allowance then your beneficiary may be entitled to pay the Inheritance tax.

  • Wills – by receiving Solicitor advice you can be confident in knowing that your needs and requirements are covered in the drafting of your Will. Will drafting limits Inheritance Tax as you are clearly establishing what happens to your assets when you die and by clarifying who your beneficiaries are, this leaves no loose ends and therefore is tax efficient.

  • Charity donations– If you make donations to charities in your Will, then these donations are free from Inheritance tax. Inheritance tax can be reduced for your loved ones if you donate to charities and still pass your assets onto your loved ones, this will benefit them further down the line as the Inheritance tax rate is reduced.

Do I pay Inheritance tax if I am the beneficiary?

If you have inherited an Estate from a deceased loved one and you are concerned you may have to pay the Inheritance tax, we recommend that you contact our office, and our Inheritance tax solicitors will provide the best legal advice to you.

The Executor or Personal Representative has a duty to inform the Estate’s value to HM Revenue and Customs (HMRC) and then they pay the Inheritance Tax from the Estate before distributing it to the beneficiaries.

It is important to note that the Inheritance tax is paid by the Executor or Personal Representative prior to you receiving the Estate.

However, if you received the monies or property as a gift from the individual during their lifetime and their Estate surpassed the ‘nil rate band-allowance’ (currently £325,000) and die within the seven-year period, then you may be entitled to pay the Inheritance tax as a beneficiary.

Contact our legal team or complete the online enquiry form on this page and we will be sure to get back to you with further legal advice and guidance as soon as possible.

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