What if I do not want to sell a property to pay inheritance tax?
If you have inherited a property under a person’s Will or the Rules of Intestacy, you may not want to sell it to pay the inheritance tax; instead, you may be hoping to move into the property.
If this is the case, you have a few options.
1) You can make payment of the inheritance tax from your own funds. You would not be entitled to claim this payment back from the estate if you intend to keep the property instead.
2) Another option offered by HM Revenue and Customs is paying 10% of the Inheritance Tax due, as well as any interest payable, every year, until the full balance is paid.
If you are unable to pay using either of these options, you may wish to contact our team of Wills, Trusts, Tax and Probate Solicitors to discuss other options available to you.