Inheritance Tax
What is Inheritance Tax, and Does the Estate Need to Pay It?
Inheritance Tax (IHT) is a tax on the value of a deceased person’s estate above certain thresholds. It is charged at 40% on the portion of the estate that exceeds the available tax-free allowance. A number of exemptions and reliefs can significantly reduce or eliminate the liability. Most estates do not pay Inheritance Tax.
The nil rate band
Every individual has a standard nil rate band of £325,000. Assets up to this value can pass free of IHT. The NRB has been at this level since 2009 and is frozen until at least April 2030.
The Residence Nil Rate Band
Where a residential property passes to a direct descendant, an additional allowance called the Residence Nil Rate Band (RNRB) is available, currently up to £175,000 per person. Combined with the standard NRB, a qualifying individual may be able to pass up to £500,000 free of IHT.
Transfers between spouses
Assets passing between married couples or civil partners are generally exempt from IHT at the point of the first death. Any unused nil rate band and RNRB can also be transferred to the surviving spouse’s estate.
When does IHT have to be reported?
Even if no IHT is due, the estate’s value must still be reported as part of the Probate application. For most estates, which are excepted estates, this is done by entering the estate’s values directly on the Probate application, and nothing is sent to HMRC. Where the estate is not excepted, an IHT400 is sent to HMRC first. An estate can be non-excepted even when no Inheritance Tax is due. YouCanDoProbate performs every IHT calculation automatically and completes the IHT400 and all required supplementary schedules where they are needed.
The easy and affordable way to apply for probate
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Simple, well laid out, easy to complete. Sent off 4 weeks later received notice its been accepted and probate granted, saved thousands on using a solicitor.
From the beginning I have had helpful advice. Tom has shown oodles of patience. My hearing is not of the best, neither is my eyesight, but I plodded on with his gentle pushing. I have not finished yet, a paper has gone missing which will hold up the finish for a few days. Which this service had been available four years ago!!!
Very easy to use and as they say you can contact any number of occasions as I did twice for advice. When you think I was quoted three times as much, therefore I would say they were value for money. If only the probate service was as quick.
Easier to complete than I initially thought.
I found it very helpful but of special note is the fact you can call their helpline for assistance which I did on a few occasions. They were always very patient and solved my issues.
Fantastic service..best £399 ever spent. I had quotes for over £5000 from solicitors I sent off my probate form on the 28th Oct 2024 (hard copy) I received an email on the 18th November 2024 letting me know that they had received my applications. I have just received my email 30/11/24, that my probate application has been granted… Just under a month all done. I was holding off doing this job for months as I was struggling to find a solicitors that I liked.. I am so happy I came across this company.. Honestly if I can do it so can anyone!!!
Saved a lot of expense using YouCanDoProbate. Everything is easy to follow, could not have been simpler. You answer the questions, you print the generated forms, you send them off. Very glad I used this service.
Due to the present extenuating circumstances i.e. Coronavirus Lockdown, I decided to do Probate on my own behalf. Having now completed the paper work. Sincerely I should like to thank the support team for their help and guidance.It was reassuring to know that there was always someone at the end of the phone to call upon if I was uncertain.
I wanted to have a go at doing probate myself but did not have the confidence to go it alone. This platform was the perfect compromise and saved us thousands in Solicitors fees. I work as a Digital Project Manager so I am computer literate, but I can confirm the platform is very user friendly and intuitive for anyone to use. I phoned the helpline once for advice and they called me back within 24 hours with helpful and friendly guidance. It was not an ‘accepted estate’ and there were several exemptions to be submitted. You Can Do Probate handled this with ease. After using the platform to generate the first set of estate summary forms for HMRC I received confirmation from them within 11 days of posting. I then printed and submitted the probate forms to HM Courts. It took 9 days to receive an approval email and the Certificate of Probate arrived in the post the next day. So from start to finish – 20 working days. We were shocked at the speed! I would highly recommend You Can Do Probate. Absolutely worth the purchase fee. Thank you for making a really difficult time a little easier to navigate.
Easy to understand, online forms easy to understand and complete. telephone back up very good
This is a brilliant piece of software. Very easy to use and intuative and, makes the daunting task of applying for a Grant of Probate easy for anyone who can use a computer. It makes using a solicitor for this task completely redundant. Also, the on line help is excellent as you can actually speak to a human.
This is an exceptional service.We were quoted over £7000.00 from solicitors .The process for us was very straight forward .The forms and support to complete the probate were provided and we could take our time to complete.Downloading was straight forward . Probate forms were sent off and Grant of probate received within 6 weeks. Highly recommend using this service . Thankyou.
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