I understand IHT must be paid prior to grant of Probate. However, do you need to wait until the IHT is paid in total if you opt to pay the IHT over a 10 year period, or can you apply for Probate after the first installment for IHT is made?
Yes, you can apply for probate after the first instalment of the IHT has been paid, provided reference is made to using the instalment options for payment of IHT on the form IHT400. You will usually have to pay interest on your instalments. You should also bear in mind that the IHT has to be paid in full when the deceased’s assets such as a property/shareholdings have been sold. The first instalment of IHT is due on the “due date” being at the end of the sixth month after the death (for example if they died on 12 January, you’d have to pay by 31 July). Payments are then due every year on that date for the remainder of the instalment period. If you would like more information on this, please contact our team here: www.brachers.co.uk/personal-law/wills-and-probate/probate-estate-administration
I understand IHT must be paid prior to grant of Probate. However, do you need to wait until the IHT is paid in total if you opt to pay the IHT over a 10 year period, or can you apply for Probate after the first installment for IHT is made?
Yes, you can apply for probate after the first instalment of the IHT has been paid, provided reference is made to using the instalment options for payment of IHT on the form IHT400. You will usually have to pay interest on your instalments. You should also bear in mind that the IHT has to be paid in full when the deceased’s assets such as a property/shareholdings have been sold.
The first instalment of IHT is due on the “due date” being at the end of the sixth month after the death (for example if they died on 12 January, you’d have to pay by 31 July). Payments are then due every year on that date for the remainder of the instalment period.
If you would like more information on this, please contact our team here: www.brachers.co.uk/personal-law/wills-and-probate/probate-estate-administration