Can anybody recommend a bank prepared to make executors IHT loans to non-clients of the bank?
This estate has the liquidity but it is held abroad and neither foreign bank is willing to release funds or lend.
We are investigating Barclays at the moment but either the number of providers has dropped rapidly since I last needed one or nobody advertises this service on the web (to be fair, there were few websites when I last needed an IHT loan).
Andrew Goodman
Osborne Clarke LLP
NatWest still provide IHT loans regardless of whether the deceased or the executors are clients of the bank.
Jenny Walker
Driver Belcher Solicitors
As I understand it HMRC will also make loans for the payment of IHT in
special circumstances. You will need to write to them setting out the
position as to why the tax cannot be raised and they will then make an
assessment.
Shanti Palmer
SP Wills
Many thanks for the suggestions.
In this case, the tax was resolved by a peculiar quirk (at least to me).
We had unfortunately just passed the 12 month mark since death and were suddenly informed by the Swiss bank that they had deducted 40% of the account held by them and paid it to HMRC under Article 32 of the UK/Swiss Co-operation Agreement - a provision that had entirely passed me by as it was inserted by a subsequent amendment.
This was with no notice other than a passing remark to a family member but actually extremely helpful - I doubt we could have got them to pay it voluntarily and it met over 2/3 of the liability.
Andrew Goodman
Osborne Clarke LLP
Appreciate this revives an old topic - but I am struggling to find providers for IHT loans, as I note e.g. tower street finance will no longer do so for new customers.
I am acting for several execs/trustees where ideally IHT is to be paid in full to avoid property instalment option.
Does anyone know of any trusted / recommended IHT loan providers please?
You can try AMPLA Finance