Wilson & Fish is a specialist executry (probate) legal practice. Our solicitors provide clear, pragmatic advice on all executry matters, including calculating Inheritance Tax (IHT).
Payment of IHT is usually the second step in winding up an estate. Before the executors can ascertain if IHT is payable, they must create an inventory of all of the deceased’s assets. IHT is then payable if the total value of the assets is over £325,000 (although there are numerous exceptions to this general rule). Gifts made by the deceased in the seven years before their death will also be relevant in calculating the total IHT payable on the estate. The laws related to IHT are highly technical and can often seem complicated. The services of an executry solicitor can provide reassurance that IHT matters have been dealt with by an experienced professional.
Whilst it is important to ensure that the inventory is precise and detailed, so that the IHT calculation is as accurate as possible, sometimes assets come to light after the initial IHT payment. An executry solicitor who is experienced in working with HMRC can ensure that any necessary additional IHT payments are processed as efficiently as possible, so that the process of winding up is not delayed.
It is important to note that IHT is payable before the executors obtain confirmation (a legal document, granted by a court, which allows the executors to deal with the deceased’s estate). This means that the executors will, at the point at which they must pay IHT, not yet have access to funds obtained through “ingathering” the estate (i.e. payments from banks, insurance companies, and any other persons or organisations in possession of the deceased’s assets). The executors are not of course personally liable to pay the IHT. However, it may be necessary to secure an executor’s loan, if the funds immediately available in the deceased’s bank account do not cover the IHT liability. An expert executry solicitor from Wilson & Fish can assist you in securing a loan easily and efficiently.
Expert Executry Solicitors Scotland
If you have been appointed as an executor, we can advise on whether IHT is payable on the deceased’s estate. If IHT is due on the estate, we will always ensure that this is calculated accurately and assist you in making payment in a timely manner. Our solicitors fully understand that executors might be grieving the loss of a close friend or family member, and are proud to offer an empathetic and professional service, and to greatly ease the administrative burden on executors at a difficult time.
We regularly advise clients who would like to consider ensuring that the IHT liability on their estate is minimised, so that their beneficiaries will receive as great a proportion of their assets as possible. IHT law is complex and frequently updated, and the advice of expert executry solicitors is crucial in ensuring IHT efficiency.
Wilson & Fish also work with overseas firms to advice on IHT liability for Scottish assets.
Contact our Executry Lawyers Glasgow, Scotland
If you would like to discuss inheritance tax liability or any other executry matters with one of our expert solicitors, please contact us by telephone on 01412227951 or via our online form. Based in Glasgow, we assist clients throughout Scotland including Ayrshire, Falkirk, Edinburgh, Aberdeen, Dundee, Paisley, East Kilbride and Stirling.