IHT is a tax imposed on the estate of a deceased person. It is typically calculated on the net value of the assets in the estate. It is the responsibility of the executor or personal representative to pay.
The IHT liability must be settled before an executor can apply for a Grant of Probate (the legal document required authorising the executor(s) to administer the estate).
However, assets in the estate cannot be liquidated to pay the IHT liability until grant of probate has been obtained, which can delay the process for those who might need their inheritance sooner.
An IHT loan can help executors get access to funds quickly when there is an IHT liability to pay but there are no funds readily available.
For more information or to speak to a member of our team please do contact us.