I am dealing with an estate at the moment where the deceased left a gift of his nil rate band to a number of friends and family members.
There are insufficient liquid funds in the estate to pay the gift at the moment. We have agreed a sale of the deceased’s property, but the sale is unlikely to complete before the end of March at the earliest.
The executor’s year comes to an end at the end of February.
I have looked into this, but I have not been able to confirm whether interest is due on the late payment of the nil rate band legacy once the executor’s year has passed (in the same way that interest would be due on the late payment of a cash legacy).
My view is that there is no real difference between a cash legacy and a legacy of the nil rate band and so interest will be payable once the executor’s year has come to an end. The residuary beneficiaries are charities so I do want to check this point! Has anyone had any recent experience of this?
Many thanks,
Chelsea Martin
Langleys Solicitors