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IHT Liability

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  • IHT Liability

    thanks
    Last edited by wilts144; 3rd October 2020, 09:09:AM.
    Tags: None

  • #2
    Tax liability attaches to the estate, and the person settling the estate is responsible for ensuring it is paid.
    Presumably you were bought out and so the other parties were covering themselves in case IHT became payable within the next seven years,

    IMO such a clause would probably be almost impossible to enforce (depending on the wording)

    Others will know better

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    • #3
      Thanks
      Last edited by wilts144; 3rd October 2020, 09:09:AM.

      Comment


      • #4
        The general rule is that someone who has left the firm before the debts and liabilities were created won't be liable for those debts and liabilities.

        I suppose the family business is paying the policy premiums, so although the original intention was for the policy to provide your pension what would it have been worth as a paid up policy when you left as you could not expect the business to continue to contribute to your pension pot?

        perhaps you should seek advice from a professional, rather than listen to my meanderings1

        Comment

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