My uncle passed away in February and I have been informed that he named me as his executor in his will. I am preparing to apply for probate for his estate, most of which he wanted bequeathed to a local charity. I understand there have been changes to the requirement to report an estate to HM Revenue & Customs for inheritance tax purposes and for some estates the process has been simplified considerably. How can I confirm if my uncle’s estate qualifies for the simplified IHT reporting requirement. Is there any chance HMRC will challenge this?
"The inheritance tax reporting rules changed on January 1, and as a result you may not need to submit an inheritance tax account to HMRC for your uncle’s estate. The key factors to consider are the value of his overall estate, the value of his taxable estate and his domicile..."
Speaking with the Financial Times, senior associate Suzanne Mynors explains how the new inheritance tax reporting rules may affect probate applications going forwards.
The article is available by subscription to the Financial Times.
Suzanne is a senior associate within the private client team. She has over 20 years experience advising clients in relation to wills and succession planning, probate and estate administration, inheritance tax planning, powers of attorney and court of protection matters for those lacking mental capacity.