Wills in Earls Colne and throughout the UK need to be read in line with a clear understanding of inheritance tax rules –
(a) Who is Inheritance Tax collected by?
The government collects inheritance tax through Her Majesty’s Revenue and Customs on estates under Wills in Earls Colne and in other locations in the UK as well as where there are no Wills in place.
(b) Who needs to pay Inheritance Tax?
Inheritance tax needs to be paid both accurately and promptly by the executor(s) named in any deceased people’s Wills in Earls Colne and throughout the UK where their estate (i.e. their property, money and anything else minus any outstanding debts when they have died) is worth more than £325,000.
(c) How much Inheritance Tax needs to be paid?
The amount of any inheritance tax to be paid is to be decided dependent upon the value of deceased people’s estates worth over £325,000 that will then be taxed at a rate of 40% regardless of whether or not there are Wills in Braintree and in the rest of the UK.
(d) What happens if you are married and your spouse dies?
If you are married and your spouse dies but you are still alive then the government will permit a ‘nil rate band transfer’ from your spouse to you meaning no inheritance tax will need to be paid so long as your spouse’s share passes completely to you. Then, at the time of your death, the nil rate band will double from £325,000 to £650,000 so that any inheritance tax will then fall due at the aforementioned rate of 40% on any amount above this figure.
With this in mind, you are advised to seek assistance from a service provider like Andrew Douglas Wills and Legal Services to give you further advice about any inheritance tax that you may be required to pay under the terms of your Wills in Earls Colne and throughout Essex or if there are no Wills in place.
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