Following the death of their father, a family faced a large inheritance tax bill and the prospect of having to sell the family home to settle it. They also did not know what to do with their parents’ personal belongings, such as their artwork, furniture and jewellery.
Working with Thomson Snell & Passmore’s, the family were ultimately able to donate of a piece of artwork to a connected art gallery, securing an inheritance tax exemption and tax credit worth over £100,000 to the estate. The family were then able to settle the inheritance tax bill comfortably without being forced into selling any assets which they would have preferred to keep.
Thomson Snell & Passmore’s Probate Department has expertise in the lesser known and more complicated aspects of inheritance tax and estate administration. Working with one of our contacts, an auctioneer and expert in antiques, to prepare a list of their father’s belongings, we identified that some of them might be of sufficient importance to qualify for tax relief under the National Heritage Scheme. We then negotiated with the Scheme’s Panel of experts, the designated art gallery and HMRC on behalf of the estate. Ultimately, our proposals were accepted by all concerned, resulting in a considerable tax saving for the family. Thomson Snell & Passmore was able to lead the family through the Scheme’s complicated steps and requirements, perform the relevant calculations and present these to the family in the most straightforward way possible. Our involvement enabled the family to make the best possible decisions for them and their father’s estate.