Paying IHT in instalments

Usually, inheritance tax has to be paid in full prior to grant of probate or letters of admin- istration (refer to Chapter 12 for details of how probate works). However, for family businesses and farmland, HMRC accepts payment in instalments for up to ten years. Otherwise, the costs of meeting the IHT bill could drive some farms and family businesses to the wall. See Chapter 19 for the low-down on how to use instalments to the estate's advantage.

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