International musical estate

The deceased was a successful musician and left a complicated estate in the UK and abroad.  Mark Politz advised the executors on various inheritance tax issues, including normal expenditure out of income and gifts to dependent relatives.  He also identified that HM Revenue & Customs had failed to take into account some complex rules on business relief when calculating the inheritance tax due on the estate.  HMRC agreed with Mark’s analysis of the rules and reduced the tax bill by over £500,000.