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HMRC has extended the direct payment scheme – which allows personal representatives (PRs) to pay inheritance tax from the deceased’s funds – to investment providers. In this way, the PRs can access funds from the deceased’s estate to pay the tax before they receive the grant of probate.
PRs can now use the revised IHT423 form to ask brokers, investment management firms and pension or life insurance providers to sell shares or assets and release funds from the deceased’s investment accounts to pay directly to HMRC.
