Inheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The main allowance is the nil rate band (NRB); this is currently £325,000 and is frozen at this level until April 2020. From 6thApril 2017, a new residence Nil Rate Band (RNRB) is available to claim where an individual leaves their home to direct descendants. In the 2018 – 2019 tax year, the allowance is £25,000 per individual and increases by £25,000each tax year until 2020/21 when it will be £175,000. From 2020/21 the RNRB is due to increase with the consumer price index. To enable RNRB to be claimed your property needs to be left to your beneficiaries either outright or in specific types of trusts. The RNRB is subject to tapering and will be reduced by £1 for every £2 that the estate exceeds £2 million. Spouse or civil partners may miss out on the additional RNRB by not ensuring that your Wills are structured in the most efficient way, in particular, to reduce the survivor’s estate to below the £2 million threshold. Any unused NRB and RNRB can be transferred to a surviving spouse or civil partner’s estate even if one partner has died prior to 6thApril 2017.
If the estate is valued at more than the nil rate band then the estate will usually have to pay …
Read more Wills & ProbateThe answer is No. It is a common misconception that when a person dies their debts die with them. When …
Read more Wills & ProbateFirstly you will need to break the news to friends and relatives, register the death and organise the funeral. It …
Read more Wills & ProbateDepending on the size and complexity of the estate, these could include HM Revenue & Customs, the Department for Work …
Read more Wills & ProbateIdeally any independent who is not related to the maker of the Will. A beneficiary or a spouse or civil …
Read more Wills & ProbateNo. A Will should reflect your circumstances as they are now, not what they might be in the future. You …
Read more Wills & ProbateYou need to make a statement saying why you think the Will should be written as you suggest. The Court …
Read more Wills & ProbateAn executor is the person who has to deal with the deceased’s estate. Responsibilities include: paying of the deceased’s debts …
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