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Forever in your debt
Key points
- A chargeable transfer must take place before an inheritance tax liability can arise.
- Liabilities can be taken into account in determining the value of a person’s estate.
- UK estate administration costs and the costs of UK probate are not allowable.
- There are specific and complex rules as to the allocation of debts.
- To be deductible in the death estate the debt must be repaid from it.
- The inheritance tax treatment and deductibility of the debt in a beneficiary’s estate will depend on several factors.
- Anti-avoidance legislation can change how debts are allowed or relieved in an inheritance tax computation.
At the risk of stating the obvious the starting point for a charge to inheritance tax is for a chargeable...
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