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Original poster

Inheritance tax

9 replies

TheChosenTwo · 19/07/2023 18:25

Can someone please tell me how this works? Solicitor sent me some paperwork today asking me to authorise releasing funds to pay IT. Have signed them. Emailed him earlier to find out if this meant we were further along the line (I mean, I know it must be but it’s taking forever) but he’s not got back to me yet. Does this mean probate is a step closer? I just want all this nonsense out of my hair so I can move on with my life; this has caused so many arguments within the family and it’s just bloody horrible!

OP posts:
midgetastic · 19/07/2023 18:34

It seems like a first stage - probabte could still be many months away

Hairspray0 · 19/07/2023 18:34

Yes you have to pay IHT before probate is granted. It’s all taking a very long time to process just now.

Ohmylovejune · 19/07/2023 18:37

You have to pay all IHT (unless its on land and property under the installment system) as part of applying for probate, so that's where you are.

My late Mums was extremely simple but probate was still needed for one bank. Hers took 6 months to obtain.

Original poster
TheChosenTwo · 19/07/2023 18:43

Crikey. They died over a year ago now and I feel like I’m no closer to a resolution 🫠

OP posts:
Original poster
TheChosenTwo · 19/07/2023 18:43

But thanks for the clarity!

OP posts:
Ohmylovejune · 19/07/2023 18:53

I presume its taken a while.to collate all.teh information. I did my Mums and gave it to the solicitor who then applied and I reckon it was as fast as it possibly could have been.

As I say, her affairs were very simple, and there was no IHT involved but working out all of her bank accounts (including those with a few pounds in them with old passbooks) and identifying which premium bonds were hers (had the old paper stubs from the 1970s!) all took a while - the NSI in particular were quite slow in replying. I would say, bar making it ones full time occupation, ours was about as quick as it could be when probate is needed.

Original poster
TheChosenTwo · 19/07/2023 19:20

There was a caveat on the will from someone who was contesting the validity which has recently been lifted so I’m aware of why it’s all been held up. It’s just getting me down now. The longer things drag on the uglier things get.

OP posts:
Pythonesque · 20/07/2023 07:27

It's still a good sign that the IHT payment is being requested - I think there are interest payents and/or penalties due if it isn't paid within a certain time so it sounds like the solicitor is keeping on top of it. Hope things don't take too many ages longer to sort out.

User894532765 · 20/07/2023 07:33

Probate took 5 months from when it went in for DF, no inheritance tax and just bank accounts

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