Inheritance Tax in the UK - Estate Administration
In the event of death of an individual you must notify HMRC of the death by providing HMRC with a copy of the death certificate.
The executors or the persons legally responsible for administrating the estate must apply for “probate” or “letters of administration” to enable the estate to be dealt with.
This will be decided upon whether the deceased passed with or without a last will and testament.
Inheritance Tax is due on the value of the deceased estate which will include assets including property, money and possessions.
Inheritance Tax will not normally be payable if either:
- the value of the estate is below the £325,000 threshold.
- you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club.
If the estate’s value is below the threshold you will still need to report to HMRC.
We at GM Tax provide fixed fee quotes for advisory work and tax returns.
If you are the executor of a deceased estate and require assistance with the preparation and submission of forms to HMRC and agreeing the valuation of the estate along with computing the inheritance tax payable please complete our online enquiry via our contact us button or by calling a GM Tax office closest to you.
GM Tax also offers the following services:
- Review of a deceased estate and the assets held considering reliefs available to calculate the Inheritance Tax payable.
- Review your UK domicile and residency.
- Consider the tax impact of distributions made to both UK & Non UK Tax residents.
- IHT planning in the context of assets retained or sold by the estate.