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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Grants on credit: example undertaking

Note: the wording below uses ‘Probate’ or ‘Grant of Probate’ but you may need toreplace this with Confirmation (for Scottish cases) or letters of administration as appropriate.

Example involving UK stocks and shares or insurance policies

In the estate of [name of deceased and IHT reference number]

In consideration of HMRC agreeing to issue form IHT421 without requiring full payment of the Inheritance Tax due upon delivery of the account I/we

Full name: ………………………………………

Address: ………………………………………

Full name: ………………………………………

Address: …………………………………………

undertake:

To use my/our best endeavours to pay the Inheritance Tax and interest due on delivery of the account within 4 weeks of the issue of the Grant of Probate. To this end I/we will

  1. submit the application for Probate as soon as I/we have received the receipted Probate summary schedule IHT 421 and to notify HMRC as soon as the Grant/Letters of Administration have been issued.
  2. immediately following receipt of the Grant of Probate I/we will take the all the steps necessary to promptly realise sufficient assets in the estate to pay the Inheritance tax and any accrued interest due.
  3. pay to HMRC the outstanding tax and interest from the proceeds of sale/realisation of the assets as soon as received by me/us.
  4. advise HMRC immediately if the tax cannot be paid within the time specified.

Signed ………………………………… Dated ……………………..

Signed ………………………………… Dated ……………………..