An interesting article featured in the BBC News Business section today (24th October 2018) (https://www.bbc.co.uk/news/business-45964915
) has confirmed that Guildford in Surrey has the most estates subject to inheritance tax (‘IHT’). At the other end of the scale, Wigan in Greater Manchester has the fewest estates subject to IHT. Direct Line carried out the research for the 2015/16 tax year.
IHT can be a very complex issue and it is always prudent to take legal advice from a trusted professional with regards to this area. For example, during your lifetime you may be looking to mitigate IHT liability upon your death, or you may be appointed to sort out the estate of someone who has died and there is an IHT liability needing to be addressed. Personal representatives (including executors) of estates are personally liable for liabilities of an estate, including any unpaid IHT.
I have written an article recently about a case where an executor of an estate did not take legal advice where they were appointed to deal with an estate where there was an IHT liability, resulting in unfortunate consequences. My article can be found here: https://www.capronandhelliwell.co.uk/blog/the-dangers-of-administering-an-estate-without-adv
IHT is a complex area and the law has significantly changed in recent years (including the introduction of the residence nil rate band) and may of course change again soon so it is crucial to ensure advice is taken which is up-to-date from a trusted professional.
This article was written on 24 October 2018 and the law may change following this date.
Richard Tinkler is an Associate Solicitor based at the Helliwell House office in Wroxham. Capron & Helliwell offer a fixed fee first appointment for family law matters - for details or to book an appointment please contact Tina Phillippo on 01692 581231 or email her at firstname.lastname@example.org
This article aims to supply general information but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek specific advice.