tax adviser launceston family

About Inheritance Tax

Inheritance tax (IHT) is charged on the value of a person’s property when they die, and in certain circumstances on gifts (“transfers of value”) made during a person’s lifetime.

Inheritance tax is charged at 40% on the value of a person’s estate over £325,000, and in addition to the estate at death, the value of any gifts made in the seven years before death are included in the calculation.

Payment of Inheritance Tax

Inheritance Tax is usually payable six months after the date of death; however, in certain cases it can be paid by annual instalments over ten years.

A calculation of the Inheritance Tax due together with payment has to be sent to HM Revenue & Customs in order for the deceased person’s executors to obtain probate.

Probate means the legal authority to take over the deceased’s assets and distribute them according to their wishes

It is possible to plan to reduce the burden of inheritance tax on one’s estate but it is absolutely essential to have proper specialised advice when attempting to do this. Poor Inheritance Tax planning can have serious consequences not just for Inheritance Tax but for other taxes as well.

Properly executed Inheritance tax planning can dramatically reduce the liability on the person’s estate and therefore increase the value they are able to pass down to their children and loved ones.

Even after a person has died it is possible in the right circumstances to amend their will in order to produce a more tax efficient result, provided this is done before the second anniversary of the death of the individual concerned.

Our services for inheritance tax:

  • We can conduct a tax “health check” on your current Inheritance tax position and estimate the amount of tax that would be payable, based on your current arrangements.
  • We can suggest any planning points that come to our attention. Even if you have had professional advice, changes in recent legislation means that information subsequently may be out of date. It is wise to review Inheritance Tax Arrangements regularly.

If you would like to take advantage of our free IHT health check, or if you wish to discuss Inheritance tax more generally, please contact us on 01208 813948 or at This email address is being protected from spambots. You need JavaScript enabled to view it.

Contact Us

Address: 1st Floor, Regency Arcade, Molesworth Street.
Wadebridge, Cornwall, PL27 7DH.
Tel: 01208 813948
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Directions: Map

Social Networks