Esther acts for the executors of the deceased who owned and ran two businesses as a sole trader, two businesses in partnership and had shareholdings in four limited companies. The deceased’s estate is valued at approximately £7 million.
Along with normal estate assets such as bank accounts and his home, Esther has worked with the deceased’s accountant, executors and property valuers to provide to HMRC a value of the business interests and to consider to what extent the various businesses qualify for business relief. This is important as this relief is hugely valuable to the estate and will potentially save the estate around £2,500,000 in Inheritance Tax.
If Esther’s application is successful this will avoid the need for the executors to sell assets which are involved in the deceased’s business. This matter has been complicated further as the deceased held assets in Spain as well as the UK.
Thomson, Snell and Passmore is experienced in dealing with the administration of high value and complicated estates.