Just wondering if anyone can advise me on inheritance tax? Specifically on what I have to pay and when I have to pay it.
My Dad died in January, and according to HMRC "You must pay Inheritance Tax by the end of the sixth month after the person died". That means it has be paid by 31st July.
HMRC also say they "will charge you interest if you don’t pay by the due date" which seems to leave open the option of paying some or all of the tax late. Probate has not been granted yet.
Although Dad's main asset was his house, there is just about enough in cash and shares to pay the Inheritance Tax bill. But I would prefer to keep some cash back for now to cover my own expenses and to have some spare money for the upkeep of the house.
So rather than pay the full amount by 31st July, I would like to make a small initial payment, and tell HMRC I will pay the balance over the next XX months, and I understand that interest is chargeable.
In practice, can I delay payment in this way, or would HMRC demand that the full amount is paid immediately on the basis that the funds are available to pay?
My Dad died in January, and according to HMRC "You must pay Inheritance Tax by the end of the sixth month after the person died". That means it has be paid by 31st July.
HMRC also say they "will charge you interest if you don’t pay by the due date" which seems to leave open the option of paying some or all of the tax late. Probate has not been granted yet.
Although Dad's main asset was his house, there is just about enough in cash and shares to pay the Inheritance Tax bill. But I would prefer to keep some cash back for now to cover my own expenses and to have some spare money for the upkeep of the house.
So rather than pay the full amount by 31st July, I would like to make a small initial payment, and tell HMRC I will pay the balance over the next XX months, and I understand that interest is chargeable.
In practice, can I delay payment in this way, or would HMRC demand that the full amount is paid immediately on the basis that the funds are available to pay?
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