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Inheritance Tax

Clients who are faced with the trauma of losing a loved one can sometimes be overwhelmed by the need to find money to pay inheritance tax.

And clients can find themselves in a chicken and egg situation. Often all or the greater part of the tax due has to be paid before a grant of representation will be issued. But the assets in the estate can generally not be touched - bank accounts cannot be closed and shares cannot be sold - until the grant has been produced.

We advise on the calculation and payment of inheritance tax.

We advise on the amount of inheritance tax that has to be paid before a grant of representation can be issued. We will take account of the right executors have to pay the tax due on certain assets -; e.g. land and buildings - by instalments, and advise on the necessary elections that need to be made.

We advise on the necessary arrangements to obtain funds to pay the tax from the estate if possible.

Where funds are not available from an estate, for example because the liquid assets of the estate cannot be accessed until a grant of representation is received, we have a special arrangement with the firm's bank for loans to be made to executors in order to raise the necessary short-term finance.

Once the grant has been issued, we will negotiate with H M Revenues & Customs Capital Taxes over the inheritance tax position.

We will ensure that all the relevant advisers are involved to negotiate the inheritance tax value of particular assets, for example negotiating with the District Valuer regarding the valuation of land and buildings and with the Shares Valuation Division regarding the valuation of businesses and unquoted shares.

For further information please click here to contact Charles Hayward.