(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom.

Question

(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom. (2 marks)

Answer 1

正确答案：
(ii) Inheritance tax administration
The tax on Debbie’s estate (personalty and realty) would be paid by the personal representatives, usually an executor.
Inheritance tax is due six months from the end of the month in which death occurred (31 December 2005) or the date
on which probate is obtained (if earlier). However, an instalment option is available for certain assets, which includes
land and buildings i.e. the residence whereby the tax can be paid in 10 equal annual instalments.