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Inheritance Tax

Volume 407: debated on Wednesday 18 June 2003

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To ask the Chancellor of the Exchequer for what reason the cost of professional advice in executing a will subject to inheritance tax is not allowable against the value of the estate. [119301]

IHT is charged on the value of the estate at death net of liabilities existing at that time. Expenses incurred after death do not affect the deceased person's net assets at death, and accordingly, have never been deductible, with the single exception of an allowance for reasonable funeral expenses.