Inheritance Tax, Capital Gains Tax and Income Tax
Our expert capital gains tax solicitors can provide advice and assistance on the most tax efficient ways of dealing with the estate.
Depending on the value of the estate there could be inheritance tax to pay. If inheritance tax is payable there could be additional Inheritance tax allowances available to claim, together with certain reliefs and/or exemptions, which may either reduce or eliminate the amount of tax due.
Assets sold during the administration of the estate could be exposed to capital gains tax where there has been an increase in value. However, the amount of tax due can be avoided or reduced if appropriate measures are taken.
During the administration period and prior to death the income tax position must be considered and where necessary, reported to HMRC, taking account of any allowances. This information will need to be shared with the beneficiaries who may need to pay additional income tax, depending on their personal tax position.
If you would like to find out more about our services, please contact our capital gains tax solicitors for a quote.