Probate tax, better known as inheritance tax is charged at 40% on everything you own that exceeds your personal inheritance tax allowance which is currently set at £325,000. This includes assets such as property, liquid assets held in banks, personal belongings and valuables. IHT has to be paid within six months of a person’s death. Property normally makes up the largest part of the Estate.
There is one problem that can’t be ignored when it comes to Inheritance tax. Executors cannot distribute the estate’s assets until probate is granted and probate is only granted once any probate tax/Inheritance tax owed is paid.
If you have any queries regarding probate tax please call us on 0800 731 8722, we offer a low cost fixed fee probate quote.