Calculis: IHT bills can be avoided after death
07 May 2008
There are still ways in which inheritance tax (IHT) bills can be avoided even after someone has died, according to independent financial advisors Calculis.
Alex Pegley, director of the company, explains that there are a number of things that can be carried out to ease the burden of IHT after a loved one has passed away.
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He notes that a piece of paperwork called a deed of variation can be used to vary a deceased person's will for IHT purposes.
Nevertheless, Mr Pegley suggests that while things can be done after an individual's death, the best thing to do is seek advice while they are still alive.
He concludes: "There's a lot more that can be done with someone who is alive in terms of planning but it's not necessarily all over when someone has died."
The government's DirectGov resource explains that IHT is only payable on the amount of a dead person's estate that exceeds the nil rate band of £312,000 (2008-9 tax year).
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