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Insider – July 2017
HMRC urged to extend executors’ inheritance tax deadline
Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills.
Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate.
The process involves valuing the estate, paying any outstanding debts or taxes and distributing the estate in accordance with the deceased’s wishes.
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