• Posted

We acted on behalf of the executors in the estate that comprised of a complex arrangement of assets including share portfolios, eight pensions and a substantial holding in unlisted stocks and shares in the UK and abroad.

We carried out careful analysis of these holdings to assess the tax status and claim business property relief on the assets that were held for more than two years.

Under a Court of Protection order, the attorneys of the deceased had made gifts of £1.3million in the deceased’s lifetime and we had to ascertain whether these were effective gifts for inheritance tax (IHT) and also whether they qualified as gifts out of income.

We worked with the financial planner to assess the most tax efficient means of raising £1.5million of IHT from non cash assets. We completed tax returns for years prior to death and liaised with the accountants to analyse income, dividends and foreign tax credits on overseas assets.

We successfully claimed deferral relief on outstanding capital gains to date of death for 100% tax exemption.