Royal London urges HMRC to extend executors' IHT bill deadline

On 'complex' estates

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Helen Morrissey: "HMRC needs to think again about giving executors who are acting in good faith more time to sort out an estate before they start demanding tax."
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Helen Morrissey: "HMRC needs to think again about giving executors who are acting in good faith more time to sort out an estate before they start demanding tax."

Royal London has called on HMRC to grant people more time to settle inheritance tax (IHT) bills, after finding executors of larger, more complex estates risk having to pay these out of their own pocket.

The provider's warning is based on research conducted into the financial issues that arise after someone dies. It called for HM Revenue & Customs (HMRC) to allow people more time to pay IHT bills where more complex estates are being wound up. Currently, IHT must be paid by the end of the sixth month after death. Royal London said, however, the complexity of the process and the assets contained in many - particularly larger - estates, means they are unlikely to be sold in time to meet this bill...

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