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ExperiencedLawyer
ExperiencedLawyer, Solicitor
Category: Law
Satisfied Customers: 311
Experience:  I have 14+ years of experience as a family lawyer, advising people on all kinds of relationship and family law issues.
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are accountancy costs and legal fees for administering an estate

Customer Question

are accountancy costs and legal fees for administering an estate allowable against the gross estate for reducing the inheritance tax liability?
Submitted: 3 years ago.
Category: Law
Expert:  ExperiencedLawyer replied 3 years ago.
No they are not.

The representatives costs of selling a specific assets may be used in part to offset CGT, but the fees to which you refer are not a deductible expense for IHT (unlike the personal debts of the deceased, which would include any accountancy or legal fees incurred prior to death).

I hope that is helpful (if not exactly what you wanted to hear).

Expert:  ExperiencedLawyer replied 3 years ago.
Hello,

I notice that you have not yet rated my answer. If I can give you any clarification, please let me know, otherwise I would be very grateful if you could rate my answer (otherwise I don't get paid). Sorry to ask.

Regards,
Mac
Expert:  ExperiencedLawyer replied 3 years ago.
Hello.

I apologise for messaging you again. If I don't hear from you, it will be the last time I disturb you.

I just wanted to ask once more if you would be kind enough to rate my answer (OK or above) as, if you don't, the website company simply retain the deposit and we (the experts) remain unpaid.

Thank you very much,
Mac.