4 Smart Strategies To Reduce Your Inheritance Tax Bill in 2024

[@write2mtahir]

Nice one, Aswat! Maybe in your next video, she'd some light on CGT when the assets transferred out of the estate (if the transferor survived 7 years) to their offsprings or descendants. What will the CGT angle on those assets transferred free of IHT?

[@MrTpain1945]

How can you pay the Inheritance tax if the estate is not settled…

[@johnbrotchie4465]

If there is cash in bank accounts, this can usually be released to pay HMRC before probate obtained. Otherwise HMRC may agree to an instalment plan if assets need to be sold like say a property or private company shares, but HMRC will want interest. The executors can take out a loan is another method or there may be life assurance written in trust so not part of the estate. It does seem daft that IHT payable before probate can even start.

[@MrTpain1945]

@ Thanks for your reply. Seems strange you cannot get probate until you have paid inheritance tax, but you cannot access the deceased bank account until you have probate

[@aswatax]

www.gov.uk/guidance/applying-for-a-grant-on-credit-for-inheritance-tax