Inheritance tax is a tax on the estate of someone who has died.
There’s normally no Inheritance Tax to pay if the value of the estate is below £325,000. But that doesn’t mean that there are no forms to complete. You’ll still need to complete an IHT205 detailing the value of the estate, to demonstrate why tax isn’t payable.
As it says in our 5 major pitfalls of a ‘DIY’ probate, if the value of the estate is higher than this nil rate tax band you may have to complete and submit to HMRC over 20 different forms. That’s before you’ve got started on a self-assessment tax return if the person that died was required to do one.
If you aren’t familiar with these forms then asking a solicitor to help can ease the burden and ensure these essential forms are dealt with as quickly and efficiently as possible.
P.S. With both legal and financial experts in our team, we’re happy to answer any questions you may have, including queries relating to Inheritance Tax and self-assessment.