IHT and coronavirus

ece9600

Hello, I wondered whether anyone could help with an inheritance tax question?

My father died in February, leaving his house to his three children (my mother died some years ago).  I'm his executor.

Inheritance tax needs to be paid within 6 months of his death and there is no cash in the estate to pay it. My plan had been to put the house on the market asap, use my own savings to pay the first installment of IHT in order to get probate then pay the rest of the IHT once the house was sold.

Obviously things have now changed as I can't put the house on the market any time soon, yet the tax will still be payable one the same date.  Does anyone know whether it's possible that we'll be allowed to delay paying IHT? I simply don't know what to do and feel really desperate about this huge tax bill loming without any way of paying it.

Jeremy535897

This may relieve your mind.
https://www.gov.uk/paying-inheritance-tax/yearly-instalments

Hermann

First point of call is to ask HMRC if they can make an exception in the circumstances.

If they won't then maybe executors loan to cover the first instalment? Leaving your pot of savings available to you.