Personal representatives are also responsible for finding out if inheritance tax is due as a result of a person's death. If it is, the personal representative has to make sure that it is paid.
Whether inheritance tax needs to be paid can depend on:
- how much the property and belongings of the dead person were worth when they died;
- the value of any gifts that they gave before they died, and who they gave these gifts to;
- the value of certain trusts from which the dead person benefited; or
- which people benefit under the will or under the rules of intestacy (the beneficiaries).
You can find out more by looking at the HM Revenue & Customs website at www.hmrc.gov.uk or by asking us.
The current Inheritance Tax threshold is £325000