At what point do you pay inheritance tax?
Inheritance tax typically must be paid before the estate can be distributed to the beneficiaries. In many cases, the type of assets and how they are being transferred affects when inheritance tax is payable.
The tax should typically be settled within 6 months of the deceased’s passing. Missing the inheritance tax deadline means paying interest on the outstanding amount (8.5%), so you, and your solicitor, should seek solutions to pay on time.
The tax should typically be settled within 6 months of the deceased’s passing. Missing the inheritance tax deadline means paying interest on the outstanding amount (8.5%), so you, and your solicitor, should seek solutions to pay on time.
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