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Co-op Probate Saves Client £130,000 Inheritance Tax Liability

10th February 2017

For free initial advice and guidance call our Probate Advisors on 03306069584 or contact us online and we will help you.

Client Situation

Mr B contacted our Probate Advisors through our website for advice about Probate for his mother's Estate. Mr B's brother had been intending to administer the Estate but due to work commitments had not been able to do this. A significant amount of time passed, then Mr B contacted us to see how we could help.

Mr B had believed that Inheritance Tax (IHT) would be payable from the Estate and that late payment penalties and interest may also need to be paid to HMRC, as it had now been almost two years since his mother died.

With our Probate Complete Service we take full responsibility for obtaining Grant of Probate and dealing with the Legal, Tax (excl VAT), Property and Estate Administration affairs.

How We Helped

Our Probate Solicitors established that Mr B's father died before his mother, having left his entire Estate to her. This meant his father's Inheritance Tax nil-rate band could be transferred to his mother's Estate.

It was therefore likely that no Inheritance Tax would be payable. However, a claim to transfer the nil-rate band of a pre-deceased spouse must be made within two years of the second death. On receiving the file, our Probate Solicitors had just one month left in which to claim the transfer. They prepared the Inheritance Tax return immediately on Mr B's behalf, using the Estate information he had provided, and the claim to transfer the nil-rate band was submitted before the deadline.

Not claiming the transferable nil-rate band by the deadline would have resulted in an Inheritance Tax liability of around £130,000.

The Outcome

Mr B was very pleased when our Probate Solicitor advised him of this Inheritance Tax saving and was relieved that there would be no late penalty or interest charges.

Once we had finished dealing with the administration of the Estate, we arranged for the Estate funds to be distributed equally between Mr B and his brother, in accordance with the terms of the Will.

Mr B said, "Thank you for your excellent assistance with my mother's Probate. I scored you 10/10 for everything and your service could not be improved."

For free initial advice and guidance call our Probate Advisors on 03306069584 or contact us online and we will call you.

Call  03306069584

Your team member had every answer that I required right away. She was courteous, sympathetic and helpful. I recommend Co-op Legal Services without hesitation, and will remain very grateful for your help. D. F., Norfolk
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