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At MJ Kane, our experienced inheritance tax accountants provide a comprehensive service to individuals dealing with a variety of tax problems. We can help you calculate your IHT liability and advise you on reducing and eliminating it. We can assist you in preparing your Inheritance Tax Return, ensuring that deadlines and other requirements are met.
We can provide advice on the best way to structure your affairs to reduce the amount of Inheritance Tax your estate will have to pay. We can also advise you on the best way to pass on your wealth to future generations, taking into account the various tax rules and regulations. Our experts take into account your individual circumstances and offer tailored advice and solutions to ensure that you and your loved ones are protected.
Inheritance tax is a tax which is paid on the estate of a deceased person and the amount of tax that has to be paid depends on the value of the estate and the relationship of the beneficiary to the deceased. Generally, people who are closely related to the deceased, such as a spouse, or civil partner, are exempt from inheritance tax. However, all other beneficiaries of the estate, such as friends or family members, are liable for inheritance tax.
In the UK, the inheritance tax threshold is currently set at £325,000, meaning any estate valued over this amount is liable for inheritance tax. Depending on the size of the estate, the amount of tax that has to be paid can vary significantly.
When it comes to inheritance tax, it is important to remember that it must be paid within 6 months of the date of death of the deceased. If the tax is not paid within this period, then interest will be applied to the outstanding amount.
Furthermore, a surcharge may be applied if the tax is not paid within 12 months of the date of death. It is therefore important to ensure that the tax is paid in a timely manner to avoid any additional fees or penalties.
Beneficiaries of the estate are liable for inheritance tax, regardless of their relationship to the deceased. For example, if a beneficiary receives a gift or money as part of the estate, then they will be liable for inheritance tax on the amount received.
Furthermore, any assets that have been passed on by the deceased, such as property or stocks, will also be liable for inheritance tax.