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However sad it might be, we all might have to live through this phase at some point in life. To avoid being caught unawares in case of a sudden death, inheritance and corresponding taxation, we strongly recommend our clients to make a will, plan ahead and take care of potential tax burden in advance.
Drafting a will is a straight-forward procedure which can save you and your family time and money, and many potential problems. In any case, whether there is a will or not, heirs are required to pay the UK inheritance tax prior to receiving the inheritance, fully or partially.
Team of experts at Imperial & Legal is happy to assist you in drafting a will for your UK assets keeping in mind every detail of your situation and structuring your assets for efficient optimisation. If the irreparable happens, we can arrange a probate and help prepare all the required documents, including transfer of title to beneficiaries. We have all the necessary expertise in the UK inheritance dealings – with or without a will, or with one drafted outside the UK, etc.
We advise on how best to compose your will in such a way when your beneficiaries inherit with least possible tax burden.
If an owner of an estate dies, various taxation rules can be applied to that estate, which i.a. depend on the diseased person’s tax residency status and location of the estate, value of gifts made in the last 7 years before death and kinship.
All assets located in the UK are taxed at the current rate of 40% IHT of the market value of the property on the date of death. Property inherited by a spouse is exempt from taxation. For the rest of the estate, an untaxed allowance of £325,000 is provided. In some cases, this allowance can pass to a spouse and add up to their allowance, providing up to £1m of untaxed inheritance and other benefits to remaining beneficiaries.
No will means special inheritance regulations, where a spouse inherits only a part of the estate, and the rest is divided between other beneficiaries depending on the estate size and kinship of surviving beneficiaries. If a diseased person doesn’t have next of kin (parents, siblings, children, grand- and grand-grandchildren), the whole estate passes to the crown.
Gifts given in the 7 years before death are also charged the inheritance tax. And it’s 40% tax on gifts given in the 3 years before death. Gifts made 3 to 7 years before death are taxed on a sliding scale of 8% a year. If you have lived in the UK for over 15 years, then the inheritance tax will be charged on all your global assets.
Our experts at Imperial & Legal are here to advise you on any inheritance issue from the point of view of UK legislation.
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