The importance of understanding Inheritance Tax & allowances
Inheritance Tax (IHT) can be a difficult concept to comprehend, especially for those who have never had to attempt the complex process of dealing with a loved one’s taxable estate before. Not fully understanding the process can cause several implications for the Executor(s) of an estate, such as monetary penalties, personal liability with HM Revenue and Customs and severe delays in distributing funds to beneficiaries.
In Kings Court Trust’s latest blog, they aim to help your clients better understand Inheritance Tax by addressing the must-knows of the often-complicated process. The blog addresses:
- Who is responsible for paying Inheritance Tax
- The current thresholds and allowances
- The differences between the IHT forms
- What is a gift and how it impacts Inheritance Tax
This article was submitted to be published by Kings Court Trust as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.