Administering a complex, high value estate with UK charity beneficiaries

We acted as executors of a complex, high net worth estate where the residuary estate was divided between relatives, friends and several UK charities.

We arranged for the maintenance of the property and worked closely with estate agents and conveyancers to obtain a quick sale at probate value in a falling market. The most tax efficient way to raise Inheritance Tax from non-cash assets involved selling assets at the appropriate time to maximise loss relief, submitting corrective accounts, obtaining refunds on shares sold at a loss, and obtaining clearance to Inheritance Tax.

We also worked closely with accountants to maximise the use of appropriate reliefs for income tax and capital gains and minimise tax for the charities and other beneficiaries.  

To save capital gains tax, we successfully transferred assets with capital gains to tax exempt beneficiaries prior to the property sale.  We completed trust and estate tax returns within two years to ensure capital gains were evenly split between the tax years and correct utilisation of reliefs.  All tax matters were agreed with HMRC without amendment.