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Before you make any further investments in the UK, We invite you to speak with a qualified UK tax consultant who will empower you to make a better informed investment decision.
Barrister at Law
Prominent UK Tax Lawyer
Aris is a highly accomplished barrister, having been called to the bar in 1981 at Grays Inn. With a wealth of experience spanning several areas of law including commercial, corporate, tax trusts, inheritance tax, litigation, and general private client work, he has established himself as an expert in his field.
In addition to his impressive legal career, Aris has demonstrated exceptional entrepreneurial skills by founding a successful law firm from the ground up.
Currently, Aris operates as a consultant specializing in the aforementioned areas of law. His expertise has made him a trusted consultant, with existing clients relying on his representation for their everyday legal needs. With an unwavering commitment to delivering timely and effective solutions, Aris ensures his clients receive the highest level of representation and advice.
In the United Kingdom, inheritance laws are governed by various statutes and regulations. It is of vital importance that you receive professional legal advice and direction from a prominent UK based tax lawyer.
Inheritance Laws & Regulations
Spouse / Civil partner
If the deceased person was married or in a civil partnership, the surviving spouse or civil partner will usually inherit the majority, if not all, of the estate. However, the exact share will depend on other surviving relatives.
If there are surviving children, grandchildren, or other direct descendants, they may also be entitled to a share of the estate. The specific distribution depends on the value of the estate and the number of children involved.
Parents, Siblings, and Extended Family
If there is no surviving spouse or civil partner, the estate may be distributed among parents, siblings, or other relatives, depending on the circumstances.
When a person dies with a valid will, their estate is distributed according to the instructions outlined in the will. The appointed executor is responsible for carrying out the terms of the will and distributing the estate to the beneficiaries as specified. The testacy laws allow individuals to distribute their assets according to their wishes, subject to certain legal limitations.
It's important to note that inheritance tax may be applicable in the UK, depending on the value of the estate. Tax rates and exemptions may vary, so it's advisable to seek professional advice to understand the current tax regulations.
In the UK, the inheritance tax is calculated based on the value of the deceased person's estate at the time of their death. The estate includes all assets, such as property, investments, bank accounts, and personal belongings, minus any outstanding debts and funeral expenses.
As of 2021, the inheritance tax threshold in the UK is set at £325,000. This threshold is known as the "nil-rate band," and it means that estates valued below this threshold are not subject to inheritance tax. If the value of the estate exceeds the nil-rate band, inheritance tax is levied at a rate of 40% on the portion above the threshold
Spouse / Civil partner Exemption
Assets passed to a spouse or civil partner are generally exempt from inheritance tax.
Residence nil-rate band
This additional allowance applies to the main residence passed on to direct descendants, such as children or grandchildren. As of 2021, this allowance is set at £175,000 per person, but it is subject to certain conditions.
Every individual has an annual exemption that allows them to give gifts up to a certain value without incurring inheritance tax. As of 2021, this exemption is set at £3,000 per tax year.
It's worth noting that tax laws can change, and it is always advisable to consult with a professional, such as a solicitor or tax advisor, to get accurate and up-to-date information regarding inheritance tax, laws and any potential exemptions or allowances that may apply.
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