Inheritance Tax Act 1984 section 229

Payment by instalments - woodlands

Section 229 allows the inheritance tax due on a chargeable transfer relating to woodlands to be paid by instalments rather than as a single lump sum.

• Tax arising on a woodlands chargeable transfer (as described in section 129) may be paid in ten equal yearly instalments
• The person paying the tax must elect for instalment payments by giving written notice to the Board (HMRC)
• The first instalment falls due six months after the end of the month in which the chargeable transfer is made
• Each subsequent instalment is due on the anniversary of the first instalment, spread over the remaining nine years