Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
It is typically paid on any finances, property, possessions and other valuable assets the deceased has left behind.
However, not everyone has to pay inheritance tax. No charges are made against estates valued at less than the £325,000 threshold.
Inheritance tax is due at the end of the sixth month after the person has passed. If you don’t pay the inheritance tax before this point, HMRC may charge interest on the outstanding payments.
Executors and administrators can choose to pay through instalments stretched out over ten months. However, these payments may be subject to interest from HMRC.
If you have overpaid on your inheritance tax, once the estate has been through probate, HMRC will refund the excess payments directly.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
Schroders Personal Wealth is a trading name of Scottish Widows Schroder Personal Wealth Limited.