Probate Case Study - £18,000 Inheritance Tax Saved

By Probate Solicitor Rachel Chenery

When I initially looked at this Probate case, from the list of assets and liabilities, it looked like Inheritance Tax (IHT) would be payable on the estate, as the value was above the double nil-rate band.

However, after reviewing the complete file I discovered that there was an investment bond (insurance policy) which was held in a loan trust. This meant that the full value of the bond was not the value for IHT purposes, it was in fact £68,500 less, which meant that the estate then fell beneath the double nil-rate band threshold.

So no Inheritance Tax is payable, saving our customer over £18,000. At the time of writing this (June 2015) I am in the process of submitting the IHT forms to HMRC to confirm their agreement."

For free initial advice and guidance call our Probate team on 01618558359 or contact us online and we will help you.

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