Estate Planning

B20 Ltd is able to help you in planning how to make your Estate as tax efficient as possible while you are alive and this must interact with the writing of your Will.

Inheritance Tax

The current Inheritance Tax threshold is £325,000 (until 5 April 2018). Whether you think tax is due or not, all personal representatives must complete an Inheritance Tax form when applying for a grant of representation.

Download Form

Tax is typically due on an estate prior to any money being distributed to heirs, and therefore when you inherit something, there is no tax to pay immediately. You might however have to pay tax later on.

Income Tax

At death, the estate of the deceased may continue to receive income from savings, rental properties and businesses, and the estate must pay Income Tax on these until it is wound up.

UK savings accounts and dividends are normally taxed at source, and therefore no further tax will be due on this income. It is recommended that you check with the provider however, as there are some exceptions.

The Executor of the Will, or Personal Representatives of the deceased may be required to complete a tax return.

Capital Gains Tax

Capital Gains Tax is due only when the gains of an asset are realised, ie. once an asset is sold. For example, if the heir of an asset decided to sell, CGT will be due if it has increased in value from the date of death to the date when the asset is sold. Not all gains will incur a tax bill however, as the individual inheriting will have a tax free allowance.

To be sure you’re making the most of your inheritance, contact B20 Ltd.

Contact Us

Accountants Alton: 01420 88250
Accountants Melksham: 01225 766380
Payrolls: 01225 709180
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Follow Us

  
        facebook  twitter  linkedin  google-plus  blogger