Yes, sometimes by instalments where the tax relates to assets such as property that may take time to sell. That is an important pressure valve for estates that are asset-rich but cash-poor. The important point is to…
Yes, sometimes by instalments where the tax relates to assets such as property that may take time to sell. That is an important pressure valve for estates that are asset-rich but cash-poor.
The important point is to address this early. Families often discover the issue only once they are deep into the process, when in fact it should have been part of the early planning conversation.
Related reading
- How to sell a probate property: a clear step-by-step guide for executors and familiesHow to sell a probate property: a clear step-by-step guide for executors and families/probate-guides/how-to-sell-a-probate-property/
- Inheritance Tax — do we owe it, and how much?Inheritance Tax — do we owe it, and how much?/knowledge-hub/inheritance-tax-on-a-probate-property/
- Do I pay tax when selling a probate property?Do I pay tax when selling a probate property?/knowledge-hub/capital-gains-tax-on-a-probate-property-sale/
- Who pays for the property costs while we wait?Who pays for the property costs while we wait?/knowledge-hub/who-pays-the-bills-on-a-probate-property/
- Can we use the property sale proceeds to pay Inheritance Tax before probate is granted?Can we use the property sale proceeds to pay Inheritance Tax before probate is granted?/knowledge-hub/using-sale-proceeds-to-pay-inheritance-tax-before-probate/
- Do we still have to pay council tax on an empty probate property?Do we still have to pay council tax on an empty probate property?/knowledge-hub/does-an-empty-probate-property-pay-council-tax/
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