Inheritance Tax can come into play during one’s lifetime, on death and in relation to trusts.

It is important to have a full understanding of the Inheritance Tax position of your estate during your lifetime so as to ensure you can take steps to reduce the impact of Inheritance Tax during your lifetime, on your death or during the life of a trust.

On death, if probate is required, you are obliged to complete an Inheritance Tax return as part of the process of applying for probate. There are a number of exemptions and tax allowances available to Executors of an estate when accounting to HM Revenue & Custom. Detailed knowledge of the exemptions and allowances available is key when reporting an estate for Inheritance Tax purposes so as to ensure that the correct amount of Inheritance Tax is paid, or no tax is paid if exemptions and allowances cover the liability.

Capital Gains Tax can be a complex area and our in-house tax team is happy to assist you in dealing with any capital gains tax issues and provide advice, whether in your capacity as an executor or administrator of an estate or as a trustee.

Whilst the majority of capital gains can be reported on an annual Self Assessment Tax Return, from the 6 April 2020 HMRC introduced legislation under which the sale of some UK residential properties which fall under the new HMRC regime, only have 30 days from the date of the completion of the sale to calculate, report and pay the capital gains tax due. We work closely with our Residential Property team in this respect and are experienced in helping our clients meet the statutory requirements within the prescribed deadlines.