I was the executor for the estate of a friend. Because of advice from HMRC, I have ended up paying interest I estimate at about £10,000 on the inheritance tax owed, when I shouldn't have paid any.
I was the executor for the estate of a friend who died in May 2021 aged 90. Part of my role was to sell his house.
Sally Hamilton replies: You were keen to do everything by the book and pay all the inheritance tax due within the rules. This tax is charged at 40 per cent on an individual’s estate that exceeds the inheritance allowance of £325,000. The arrangement can be handy for someone who has inherited a property, wants to live in it and doesn’t have any other source of funds to meet the full tax bill immediately but can afford the instalments.
Over the next couple of years, you paid instalments but worryingly never received a receipt nor statement of how much was left to pay. You feared you’d fallen victim to a scam.
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