Home > Wills, Trusts and Probate > Probate > Inheritance Tax and Reliefs Advice

Inheritance Tax And Reliefs Advice During Probate Brighton and Hove

INHERITANCE TAX SOLICITORS BRIGHTON AND HOVE

Probate Services

CONTENTIOUS PROBATE

PROBATE

GUIDE: PROBATE FEES AND WORK

Inheritance Tax Advice During 

Probate

Inheritance Tax Advice During Probate

The laws and stipulations surrounding inheritance tax are complicated, constantly changing and time-consuming to digest. As an executor, your duty to administer the deceased’s estate correctly is paramount – their life’s earnings and possessions should be protected and end up exactly where they wanted them to be. Our probate solicitors in Brighton and Hove can advise on inheritance tax and reliefs, giving you peace of mind and a tax-efficient legacy for beneficiaries.

What Is Inheritance Tax and Reliefs Advice?

If you have filled a tax self-assessment, you will know how complicated tax can be. Now, think of doing it on someone else’s behalf, but not knowing what assets they had, or where they are. This is what executors must do initially, before they even begin to calculate inheritance tax. If eligible for inheritance tax, parts of the estate will attract a fixed amount of inheritance tax, while others, such as trusts, can be structured during probate to be more tax efficient. Reliefs allow some assets to be passed on tax-free or at a reduced rate, but will not be granted unless applied for. Our probate solicitors will help you understand where the assets are, and how to calculate inheritance tax.

Why Use a Probate Solicitor for Inheritance Tax and Reliefs Advice?

No two sets of circumstances are the same when it comes to inheritance tax and probate. As the executor, you can decide whether to do this yourself, or with the help of a solicitor. Unless you are a tax expert, the task of locating, valuing, and categorising assets for inheritance tax purposes can be daunting, let alone understanding where you may be exempt. Common inheritance tax issues our probate solicitors help with are:

  • Lifetime gifts and tapering reliefs
  • Trusts and capital gains tax
  • Nil rate bands and transfer of these
  • Business property relief and private residence relief

Sometimes inheritance tax can be counter-intuitive, for example increasing the amount left to charity can reduce the overall inheritance tax bill, ultimately leading to larger sums of money for beneficiaries.

What Is The Inheritance Tax Threshold?

As the law currently stands, the first £325,000 of an estate is not taxed. This is known as the nil rate band. The threshold for this is not expected to change until 5 April 2021 (the end of the next tax year). Any assets over and above this nil rate band threshold are taxed at the rate of 40%. It is important to know that the nil rate band is transferrable in part or in whole between married couples, or those in a civil partnership. Our probate solicitors will advise if and how the inheritance tax thresholds will apply to you.

Continue Exploring Probate

CONTENTIOUS PROBATE

GUIDE: PROBATE FEES AND WORK

PROBATE

How Can Our Probate Solicitors Help?

Call our 24/7 reception on:

Or fill out the form below and we’ll call you:

Britton and Time will only use your details to contact you

Why Choose Britton and Time’s…

Probate Solicitors?

Britton and Time is proudly regulated by the Solicitors Regulation Authority and our solicitors believe in offering no nonsense, common sense advice with up-front pricing. We do this through our 6-point service guarantee:

PROFESSIONAL FEE PROMISE

We will offer fixed fees where possible, and if not, we will state clearly what your case is estimated to cost, alongside hourly rate options so you can judge what works for you

SURPRISE-FREE PRICING

We will inform you when we know there will be third party costs to be paid. If additional third party payments are required, we will always seek your approval first

REASONABLE TIMELINES

We will let you know how long your case will take, what delays you can expect, and our solicitors will always reply to you in a timely manner

BILLING TRANSPARENCY

We bill every month, with detailed accounts of what you are being charged for. Our solicitors are happy to discuss if you have any questions about your bill.

CLEAR CASE MANAGEMENT

Before work starts, we will tell you what work needs to be done to reach the best outcome for you, and what your options are once you reach that point

OBJECTIVE ADVICE

We never take on cases we do not feel we can do justice and if your case does not need a solicitor, we will tell you just that and advise you what your options are

Talk to us

>