Loans to pay Inheritance Tax
Access 50% of your Inheritance immediately to pay IHT
Loans to pay Inheritance Tax
Provira’s Estate Advance Loans let you access up to 50% of your inheritance in just a few days, helping you pay your Inheritance Tax in part or in full - and avoid any penalties or added interest.
If you are undergoing the probate process, it can take up to 12 months or longer before you have access to your inheritance. But you may find yourself stuck with a large inheritance tax bill – and your deadline from the HMRC might be fast approaching.
At Provira, we have a passion for helping customers and easing their financial burden during what might be a very challenging time. We want to help families get out of this bind and avoid high-cost loans or selling their properties below market value to pay off their IHT.
We can help you pay your Inheritance Tax with an immediate advance, allowing you and your family to move forward.
How it works
Efficient solutions at speed
Provira enables you to access up to 50% of the value of the estate within 3 days of application.
Simple and straight-forward pricing
We only charge simple interest (not compound interest) so costs are fixed and transparent and you are not paying interest on the interest. We are FCA regulated.
Confidence in the process
We work directly with solicitors and pay HMRC Inheritance Tax directly. There is no personal guarantee required, no monthly repayments and no early repayment fees.
What is IHT?
When someone dies, inheritance tax (IHT) of 40% is due if their Estate is worth more than £325,000 (nil rate band). An additional £175,000 is available tax-free if the deceased has passed on their primary residence to their children (residence nil rate band).
When you combine both the nil rate band and the residence nil rate band, it means that there is a tax-free threshold of £500,000 and this doubles to £1 million if it is a couple or both parents.
A tax of 40% is due for any amount left over and importantly, this tax must be paid to HMRC in order for the Inheritance to be available to Beneficiaries and children, leaving many families in a difficult position where they may have to pay thousands or hundred of thousands of pounds.
Is there a deadline to pay IHT?
Yes, you must pay Inheritance Tax after 6 months of the person dying, officially by the end of the sixth month.
For many UK families, this is not enough time to come up with sufficient funds, especially if it is a very high bill – and this is where an Inheritance Tax Loan can help. Read Moneer’s story where he was in this position and we were able to help.
If you do not pay the amount by the deadline, you may incur penalty fees and added interest.
Can I use the Loan to pay other expenses?
Yes, you can use our Estate Advance Loan to pay any other estate expenses such as a Probate lawyer, legal fees, funeral costs and tax accountants.
What are the terms of Inheritance Tax Loans from Provira?
Arrangement fee – An arrangement fee of 1-2% applies.
Monthly fee – A monthly fee of 1.5%-2% is charged and rolled up until the end of the loan term.
Paid directly from the estate – All repayments are collected at the end of the loan term directly from the estate. You do not need to make monthly repayments via direct debit or manual repayments, the entire loan is repaid when the estate is settled.
Underwritten against the estate – The loan amount and eligibility is underwritten against the value and assets of the estate, therefore your income, job status or personal credit rating are not considered in the decision.
No personal liability for the loan – If the estate is overvalued or inheritance is less than expected, the lender carries this risk and you will not pay the shortfall, assuming no breach of loan agreement.
14-day cooling off period – You have the right to withdraw your loan with no interest charged in the first 14 days.
No early repayment fee – No early repayment or exit fees are charged by Provira.
Get your Estate Advance in these 4 simple steps
1
2
Send us your documents
We confirm your eligibility and send you a list of the documents we’ll require, including:
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
We confirm your eligibility and send you a list of the documents we’ll require, including:
Show list
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
3
Your application is assessed
Our experienced underwriters assess your application within 48 hours and successful applications receive a formal email offer.
4
Receive your funds
Ready to get started?
Other things to know
- There are no monthly repayments and no early repayment fees.
- The Advance is normally repaid in full when your inheritance is received.
- When the estate is settled the loan is repaid to us, normally by the Estate Administrator or the professional firm responsible for the sale of a property within the estate.
- If it turns out that your inheritance is less than expected, then as long as you have kept to the terms of the agreement, you will not be required to pay the shortfall should there be one.
Bonnie Beadle – Inheritance Advance
From turmoil to tranquillity - how Bonnie unlocked her country dream
Bonnie Beadle – Inheritance Advance
From turmoil to tranquillity - how Bonnie unlocked her country dream
Representative example
An Advance of £50,000 with an Arrangement Fee of 2% (£1,000) and an Interest rate of 24% (fixed). Interest is calculated on the advance and the fee and accrues daily.
*representative 26.5% APR.
What are the fees for an Estate Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
What Are The Fees For An Estate Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
We’re here to help
It’s important to us that you have all the information you need to move forward with hope.
or call us on 0203 813 6400
FAQ's
Yes, there are ways to reduce the amount of inheritance tax that you owe, since the HMRC allows you to gift money to relatives within 7 years of dying and there are other inheritance tax exemptions such as passing on wealth to your spouse or partner, making pension contributions and wedding gifts up to a certain amount.
If the deceased individual has made gifts or contributions in recent years, it may be worth making a record of these and speaking to your solicitor and accountant to update the correct tax that is due.
Yes, you can speak to the HMRC who may offer a payment plan in mitigating circumstances. This is not guaranteed and may be subject to added interest. We’re happy to lend what you need to just pay the first installment so that you are not paying unnecessary interest and Probate can be granted.
We can typically approve loans within 48 hours provided that we receive all the relevant information and documentation. We aim to successfully fund approved loans within a matter of days.
This is fine. Our underwriting is based solely on your share of the Estate and your Advance has no impact on the other Beneficiaries. It is also acceptable for more than one Beneficiary of an estate to apply for an Advance.
No, we do not take personal security against your own home, our claim is in the overall value and assets of the estate – so we could have a claim in this if the loan is not resolved.
No. The decision will be based on the assessment and value of the Estate. Therefore, your employment information is not relevant.
No, your loan eligibility is based and underwritten on the value and assets within the Estate – and your personal credit rating is not considered in the application.
When in the form of an Inheritance Advance, the money is transferred to an account of your choice.
The loan is repaid when your Inheritance is available to be distributed. There are no monthly repayments for you to make manually or via direct debit, since this is all rolled up and paid off when the estate has been settled.