What Is Inheritance Tax?
This is a tax paid on money, possessions and property. That is passed on to the heirs after the death of the original owner of these financial assets. In some countries, this tax is informally known as ‘death duty’. Although this is not used as a legal definition. This tax is taken in addition to any tax which has been paid while the wealth was accumulated during the deceased’s lifetime. Due to the complexity and uncertainty around these tax issues. The UK government provide a contact number to assist people with any queries which they might have around about their responsibilities.
In some countries, This type of Tax is only paid if the assets of the deceased are above a certain threshold. If the assets are above the threshold then the tax is applied to the amount of money which goes over the threshold. Once the tax has been paid, the remaining money is distributed according to the person’s will. If there was no will then the money will go to the person’s next of kin. This will usually be a member of the person’s family.
Inheritance Tax Contact number 0300 200 3300
An Inheritance Tax helpline can give assistance in understanding what next steps need to be taken in the event of someone’s death. This can be a difficult time and assistance may be needed to ensure that further upset is not caused by an unexpected tax bill. In most countries, there is a deadline after the date of death. At which point the tax due must be paid. If the money is not paid at this time. Financial penalties or interest may be added to the amount owed to the government.
It is usually that the executor, named in the deceased person’s will. Will be responsible for ensuring that Inheritance Tax is paid appropriately. Complex forms may need to be filled in and sent to the government in order to establish what amount of tax needs to be paid. These would need to detail the value of any property or assets inherited, as well as the amount of money which has been passed on. To get a better understanding of how to correctly complete the forms you should contact the government’s Helpline Number.
Inheritance Tax Contact Info.
|Contact||0300 200 3300|
|HM Revenue & Customs
St Mungo’s Road,
Glasgow, G70 5WY.
|Hours:||9am – 5pm – Monday to Friday
Closed bank – holidays & weekends.