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Forum > Assets & Liabilities > Finding the money to pay Inheritance Tax
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Date Posted:
27-Aug-2013 15:25:20
Finding the money to pay Inheritance Tax

Often there are no funds readily available to pay Inheritance Tax. This is because Inheritance Tax must be paid before applying for a Grant, but assets are only released upon receiving the Grant (it is a bit of a catch 22). This can make finding the money to pay Inheritance Tax tricky. If there is enough money in the deceased’s bank account, building society or National Savings account to cover the cost it is possible to contact the relevant institution and arrange for HMRC to be paid directly or for a cheque to be sent to you made payable to HMRC. If there is not enough in the deceased’s bank account, it may be necessary to obtain a loan. It is advisable to speak to the bank to get advice on the best loan to suit this purpose. Any interest payable on this loan will be a liability of the estate of the deceased.
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