Inheritance Tax: are staged payments possible?

Thirsty

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I have a nice fat Inheritance Tax bill of around €40k to pay this year on or before 31st October.

Without wanting to go in to too much detail; I find myself asset rich but cash poor.

I can pay about 1/2 the amount in cash now and was wondering if Revenue will accept staged payments for the remainder?

I know ultimately the answer lies with Revenue, but I wondered if anyone else has been successful in making a case to have staged payments or would Revenue laugh me out of it?
 
Could you borrow the balance due so that the statutory interest would not apply?

mf
 
When would you be in a position to pay it?

What you're proposing shouldn't be an issue. Interest at circa 8% will arise in respect the outstanding amount.

What did you inherit? For example, was it a home on which there may be some relief that you don't know about?
 
Joe_90 - thanks so much for the leaflet - that's exactly what I needed. I can approach Revenue now with a plan.

Due to illness, borrowing just now isn't an option; next year things will be better (please God!). And yes I've checked (and double checked!) the amount due.
 
Update: have contacted Revenue and yes it's absolutely do-able. I have to complete the online filing, make my proposal and they'll send out a payment schedule. Yes, interest is payable and it's likely borrowing from the bank would be cheaper than (effectively) borrowing from the tax man, but it's a good solution for me at present.

thanks all.
 
Update: have contacted Revenue and yes it's absolutely do-able. I have to complete the online filing, make my proposal and they'll send out a payment schedule. Yes, interest is payable and it's likely borrowing from the bank would be cheaper than (effectively) borrowing from the tax man, but it's a good solution for me at present.

thanks all.

It's probably cheaper actually. You'd be doing well to get an unsecured loan from a bank at 8%.

You're absolutely sure that you're not missing out on any relief?
 
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