Raising inheritance tax to pay on property

H7pat1a

Like many older people my mum remained in the family home until she died. The property is worth over the inheritance tax threshold and the assers is to be split 3 ways to her children. Mum had very little cash. Is my understanding correct that the executors of the will need to raise the inheritance tax before the house can be sold? This is a substantial amount we do not have. How do people generally manage this?

RAS

Can you raise 10% of the IHT due, and pay off the rest when you sell it?

And just checking, was mum a widow, and did she become the sole owner after her husband died?

Newly_retired

Have you checked whether inheritance tax is in fact due and if so, how much?

H7pat1a

RAS said:

Can you raise 10% of the IHT due, and pay off the rest when you sell it?

And just checking, was mum a widow, and did she become the sole owner after her husband died?

RAS said:

Can you raise 10% of the IHT due, and pay off the rest when you sell it?

And just checking, was mum a widow, and did she become the sole owner after her husband died?

Is that an option? I've never seen that mentioned anywhere. Yes we could raise 10%. Mum was divorced not widowed.

H7pat1a

Newly_retired said:

Have you checked whether inheritance tax is in fact due and if so, how much?

Yes I have. Dependent on the propertt evaluation, we will owe approx 90000 ( 40% on amount over 500k)