Inheritance Tax Form And General End Tax

However, these considerations are mainly for rich families. For most people the tax is due largely because their house is worth a lot of money and there is little that can be done to avoid paying that.

And do remember in your keenness to avoid inheritance tax not to leave yourself without adequate resources in old age. Younger relatives may be very grateful for pre-death gifts, but they will not expect to use them to support you!

You can download all of the right forms for this tax at http://www.hmrc.gov.uk/inheritancetax/iht-probate-forms/find-right-forms.htm

The inheritance tax rules are different in important respects from the capital transfer tax rules.

If you have made a will intending to make the best of the capital transfer tax rules, consider changing it to take account of inheritance tax. If you have recently benefited from a will made before inheritance tax, you can alter the arrangements made in the will if you act within two years of the death.

If these arrangements were made to minimize liability to capital transfer tax, others may now be more suitable. The arrangements can be altered to ensure that they minimize future obligations to inheritance tax. In order to change the terms of a will in this way, all the beneficiaries of the will have to agree.

A new document, called a deed of family arrangement, is then signed by all parties. You should consult a solicitor if you think that you are in this position.

But you have to act within two years of the death and inform the Capital Taxes Office within six months of making the deed.

There is a new official guide to inheritance tax available free from the nearest Capital Taxes Office.


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