Help with probate process
Get in touch to discuss your tax 01902 585 311 stephanie.churchill@churchilltaxation.co.uk
The Problem
The executors of Oliver’s will had collated most of the information about the assets of his estate and had partially completed the IHT400 inheritance tax form.
Oliver had been very generous in the years leading up to his death. But without further action, there would have been a very large, failed PET (potentially exempt transfer). This would have used up all the deceased’s nil rate band and caused additional tax liability of at least £130,000.
The Solution
We analysed the income and spending for each of the seven years before Oliver’s death to determine how many of the gifts could be classed as regular gifts out of surplus income (exempt from IHT, rather than PETs).
After carrying out this exercise, all the gifts were established as being out of surplus income and therefore the IHT liability was reduced by a significant amount. We then completed the relevant pages on the IHT400 for our client and reviewed the remaining pages to ensure they were completed correctly.
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ADVICE
Based in Dudley, in the West Midlands, we’ll work with you over the phone or on email, so it doesn’t matter where you are in the UK or abroad.
Our support can help you whether you’re in London, the South, the Midlands, Wales, the North, or overseas.
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But it doesn’t have to be that way.
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TRUSTS AND
ESTATES
If you’re a trustee or executor, we’ll work with you to ensure your trust or estate is managed efficiently and correctly.
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Our team of experts understand complex tax legislation and are up to speed with the latest developments, so you can rely on our advice.
Latest news
April 14, 2025
The Tax Planning for Media & Sports Stars 2025 event is fast approaching, featuring our Managing Director Stephanie Churchill on the speakers’ line-up.
Part of the Informa Connect Private Client conference series, it offers an essential update for media and sports tax advisers...
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You may have heard the news Frankie Dettori is filing for bankruptcy. It comes after the jockey was revealed as the previously anonymous taxpayer in a dispute with HMRC.
We look at the background to Dettori’s tax dispute and explain what taxpayers and tax agents can learn from it.
March 27, 2025
While the focus of the Spring Statement 2025 was on balancing the books, the fiscal event wasn’t without tax-related measures, as the Chancellor announced her plans to “close the tax gap”.
We share our summary of the tax plans and our reaction…
