TaxPersonal TaxRevenue to benefit from inheritance tax scheme

Revenue to benefit from inheritance tax scheme

The Inland Revenue is poised to launch a new scheme allowing inheritance tax to be paid out of a deceased's estate before probate is granted.

Link: Fresh IHT risk for new home buyers

Paymaster general Dawn Primarolo said the Treasury has reached agreement in principle with the British Banker’s Association and the Building Societies’ Association which will permit, when the deceased has sufficient funds to their credit, the transfer of funds direct to the Revenue.

In a statement to parliament she said: ‘The government hope to see the maximum possible take up of this welcome scheme, which will start later this year.’

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