Home: Our Services : Dying to pay tax

Each individual has a nil-rate band, currently £285,000 (2006/07), on which there is no charge to Inheritance Tax but over this threshold tax is levied at 40%. If you do not make a will, or you make a will and it is not structured correctly, then your estate or the estates of your relatives or friends will almost certainly pay more tax than you thought.

Approximately 60% of  people who die in the United Kingdom do so without having made a will. This is known as dying intestate. Almost everybody thinks they have more time to sort out their affairs than they actually have. The intestacy rules do not necessarily apply as you would imagine and your estate will not be distributed as you wish.

It is therefore essential that you make a will. Whilst Collett Hulance do not prepare wills, we do advise on the tax implications of their instructions and work closely with local legal firms in drafting their content.
  
A will enables you to state precisely who your beneficiaries are and what they will receive from your estate. It should give clear instructions about funeral arrangements and be structured to minimise tax bills. It will also state who will be your executors and who will administer the estate.
   
Failing to plan could be very expensive and you end up “dying to pay tax”.

Collett Hulance have the knowledge and expertise to help you with all Inheritance Tax matters.