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Probate Case Study - £18,000 Inheritance Tax Saved

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 03306069584 or contact us online and we will help you.

Co-op Legal Services are one of the largest providers of Probate services in England and Wales.

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Probate Estate Administration in England and Wales is not a reserved legal activity which means that unregulated providers can offer Probate Estate Administration services regardless of whether they are insured, experienced or qualified to provide a full Probate service.

Co-op Legal Services is a trading name for Co-operative Legal Services Limited which is authorised and regulated by the Solicitors Regulation Authority, giving you peace of mind knowing that your Probate affairs are being dealt with by a regulated organisation and by a brand name you know and can trust.

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Thank you for all your help. It would have been a very traumatic year without your help. F.B, Kent
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