The option to pay tax in respect of certain property by instalments is a very important alleviation of the inheritance tax burden. On the one hand it renders feasible many estate planning schemes which necessitate the making of chargeable (or potentially chargeable) lifetime transfers by a person who would not have the liquid cash to meet the tax bill all at once. On the other hand it relieves the difficulties of the beneficiaries in a deceased's person's estate upon whom falls the incidence of tax on non-liquid assets such as businesses and farms.

Where permitted, tax is payable in ten equal yearly instalments (IHTA 1984, s. 227(1)).

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