The Inheritance Guide

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Forum > Assets & Liabilities > Paying Inheritance Tax
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Date Posted:
27-Aug-2013 15:25:04
Paying Inheritance Tax

Before you are able to pay Inheritance Tax you need to obtain an Inheritance Tax reference number. This should be done at least 3 weeks before you expect to pay and is needed in order to fill in the 1HT400. In order to receive a reference number visit: You will need to provide the following information about the deceased:
• Full name
• Date of death
• Date of birth
• National Insurance number
Payment of Inheritance Tax must be made within 6 months from the end of the month when the deceased died. Following this period interest will be charged on the outstanding amount.
Inheritance can be paid in ten equal annual instalments in respect of the following assets:
• Land and buildings, including agricultural land and property.
• Certain shares and securities.
• Net value of a business run for profit (this does not apply to the business assets).
However, if you sell the asset then you must pay the amount of tax due in full.
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