We can advise on how best to maximise tax reliefs during the period of administration.
This may include claiming agricultural and/or business property relief on farming estates, or estates that include business assets or an interest in a business. It may also involve disposing of or transferring assets in a manner that seeks to minimise an estate’s exposure to income tax and/or capital gains tax liabilities during the period of administration, or which makes use of loss relief (for example, on the sale of shares or property that have gone down in value within a permitted period of time following the deceased’s death). Where appropriate we work closely with accountants, surveyors and financial advisors to ensure the best possible outcomes are achieved.
There are also occasions where it might be desirable for beneficiaries to pass on some or all of their inheritance to others, such as the next generation of their family, in a tax efficient manner. This may be achieved by way of a deed of variation, either to the will of a deceased, or to the intestacy rules (if there is no will). If this is the case, we can advise those beneficiaries (as well as the personal representatives) on all aspects of the associated variation. We can also advise beneficiaries wishing to disclaim their inheritances.