I.T.G. provide clear and accurate probate valuation & IHT valuations reports of house contents (Chattels) in accordance with HM Revenue and Customs guidelines.
I.T.G. probate or confirmation valuation provides a range of services to assist in the winding up of an estate. We provide our services to private individuals, solicitors, executors & administrators across the UK. Our aim is to make probate valuation as stress free as possible.
Section 256 of the Inheritance Tax Act 1984 permits the Inland Revenue to make regulations dispensing with the requirement to deliver an account of the estate for inheritance tax.
House Clearance Leeds notes If the estate meets the conditions in the regulations, it is an ‘excepted estate’. If an estate is ‘excepted’ you do not have to deliver an account of the estate to obtain a grant of representation.
Losing a family member is never easy, and the last thing you will want to think about is whether or not you are liable for paying inheritance tax. However, it is essential that you check so that you are aware of your rights and can prepare your family for the future ahead.
House Clearance Barnsley notes It will be necessary for you to attend at least one informal interview to enable a grant to be issued and you should state on the probate application form, at section 1, which is the most convenient place for you to go. At the interview you will be asked to confirm the details which you have given and you will have an opportunity to raise any queries which you may have. You will be asked to sign a form of oath, and to swear or affirm before the interviewing officer that the information you have given is true to the best of your knowledge.
House Clearance Barnsley warns that If you sign over an asset you can no longer benefit from it by using or enjoying it. With a house, that means you can no longer live there. If the asset is a piece of antique furniture, then it can’t stay in your home – otherwise it’s a GROB.
Interest in possession is a concept of general law. There is no statutory definition of the term for the purposes of inheritance tax. Generally, a person has an interest in possession in property if he or she has the present right to present enjoyment of it.
There are a few things you can do when inheriting a house or other private accommodations. You can sell it, rent it out or live in it. You also need to find out if you have to pay tax on it. If you only inherited a part of it, you will have to make decisions with the other owner(s)
If you have children, the worst case scenario of dying in an accident with your spouse or civil partner may keep you awake at night. Gear up your will to take such a horrible event into account and you can probably sleep a little easier.
Life doesn’t always run along straight lines, and neither does death. Unexpected things can happen, such as a beneficiary named in your will dying shortly after you. The property you left to this person in your will is then gifted to their beneficiaries. If the deceased beneficiary has no will, then the property you left them is distributed under the law of intestacy.
Potentially Exempt Transfers Potentially Exempt Transfers (or PETs) are gifts which are exempt from Inheritance Tax, the caveat is that the transfers had to have occurred 7 year or more …
In the event that someone dies, there are many arrangements and decisions that have to be made. This can be a daunting task, especially in the time of grief. This …