• 22 April 2015

Warning As Comic’s Family Face Inheritance Tax Bill

by Macks Solicitors

The family of comedian Rik Mayall could face a massive inheritance tax bill following his sudden death last June.

The comedian reportedly didn’t leave a valid Will, which would mean his £1.2m estate will be divided according to the rules of intestacy.

These rules were overhauled in October 2014, but because he died before that his estate is subject to the old rules.

They dictate that the first £250,000 will be given to his wife, Barbara, and the remaining amount will be split 50/50 between her and their three adult children.

Barbara is only entitled to “life interest” from her 50 per cent share, rather than the full sum, which will be given to her children when she dies.

The children’s share could be subject to a 40 per cent inheritance tax bill if it exceeds the £325,000 tax-free limit. This could have been avoided if a Will was drawn up with the help of a legal professional.

Kerry Brundall, a Wills and Probate specialist at Macks Solicitors, said the case highlights the importance of drawing up a Will to ensure your estate is distributed as you intend it to be and that your relatives are not faced with unnecessary legal obstacles.

“Not only will the estate be distributed in accordance with the intestacy rules, it will also be subject to a large inheritance tax bill,” she said.

“By making a very simple Will, Mr Mayall could have utilised the spouse exemption, thereby avoiding any inheritance tax at all.”

Much-loved comedian and actor Mayall was famous for his 80s comedy series The Young Ones and later for his ITV character politician Alan B’Stard and successful sit-com Bottom. He died from heart problems, aged 56.

It’s important for a specialist solicitor to assist you when drafting your Will. Macks have Wills solicitors in Middlesbrough, Darlington and Redcar. Call 01642 252 828 if you wish to arrange an appointment.

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