Probate Valuation Of Chattels: Scottish Inheritance Tax Law

Jamie Murray

2023-01-28

Quality fast and reliable service with a cracking bunch of lads definitely recommended

Bill Mitchell

2021-09-14

Contracted this company to clear the flat of my deceased mother. Two young guys cleared EVERYTHING out of the rented property, including furniture, carpets, ornaments, white goods and food/household products, politely, efficiently, and respectfully. Excellent service.

Charles winter

2021-05-21

The guys from Northern House Clearance have just cleared a house for me in Scotland. The house was packed not only with a lifetimes worth of memories, but all the clutter that goes with it. Within 2 days it was emptied down to the floorboards. A great job from a good team of lads. Highly recommended.

Graeme hatton

2021-02-24

An excellent 5 star service. Firstly the compassion shown due to the circumstances which resulted in having to use their services, not just on the phone but by the team who arrived, on time, to perform the job. Above all a friendly attitude goes a long way in stressful times. Professional from the start to the end of the day and due to the amount of clutter a second day was needed. I could not believe how much was cleared in just one day, it was as if the clutter had it's own clutter to clear. Hope that I never need to use them again, but if I have to clear another property they will be the only people that I call. Highly recommend them. G.Hatton. Cheshire.

Lorna Hamilton

2021-02-05

Fantastic service. Highly recommend. The team was so helpful.

Richard Foster

2020-11-26

The guys from Northern house clearing cleared my deceased brothers house which was in a state. They were very discrete and great guys very understanding at such a sad time. Great job guys thank you.

Xiu Yun Chen

2020-11-25

This is a good company would highly recommend these guys. Very efficent and helpful.

Laura

2020-11-05

Highly recommended. From my initial enquiry I found them to be efficient and professional and was given an immediate quote. On the day the guys arrived promptly and were friendly, helpful and thorough. I would not hesitate to use this company again and I would recommend to others. I felt in good hands and I, m very happy with the service I received.

Ruth Lawrence

2020-08-22

The team arrived bang on time and began work immediately. They continued for five solid days and completed the entire clearance of my late uncles house, which was a case of extreme hoarding over many decades. They even removed carpets, curtains and swept up so the house was ready for sale. They were exeptionally hard working, polite and charged a reasonable price for this incredibly difficult job. Terrific service, absolutely recommended.

For those NOT requiring a full house contents valuations,
we suggest you use The Antique Appraisal Company.

All valuations are conducted in accordance with HMRC guidelines and fully guaranteed against rejection.

When producing a will, one of the most important factors to consider is the Inheritance Tax Law. IHT or Inheritance Tax is a type of tax that is payable on a person’s estate when they die. These include:

Your home
Jewellery
Savings and Investments
Works of Art
Cars
Properties and Land

While most of the time the tax become payable on death, sometimes it has to be paid earlier than that.

Upon death any assets that you have accumulated become known as your “estate”. Any estate left left to your partner or spouse is exempt from IHT. The only exception to that rule is if your partner/spouse live outside Scotland or the UK.

The tax applies at a rate of 40% on amounts above the estate tax threshold. At the moment this threshold is £325,000. If your estate is worth more than that, the tax will be at the standard rate of 40%.

In order to check that the threshold has been reached upon the person’s death, HM Revenues & Customs will look at the value of the estate, taking into consideration any assets that have been transferred seven years before the death. Be advised that the value of your property is usually included within the value of the estate and it is not unusual for the estate to exceed the threshold amount of £325,000.

The inheritance tax requirements are as follows:

If you are domiciled in Scotland/UK, you have to pay IHT on your assets worldwide
If you are domiciled outside the UK, you only pay IHT on your UK assets

Your country of domicile is the place you consider your home and where you are planning to reside in the foreseeable future.

Although you may not reside in the UK, you may considered domiciled for tax purposes which would make you liable for IHT. The law states that you can be considered domiciled in the UK if:

You have been resident in the UK after 9th of December 1974 and UK resident in at least 17 of the 20 tax years up to and including the year of the transfer of the assets or death; or
You were UK domiciled after 9th of December 1974 and, within three years before the transfer of the assets or death

Domicile is a key component in determining whether you are liable for inheritance tax. If you are not completely sure about aspects of domicile laws, consult your solicitor or legal adviser.

Similar Posts: