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Re: Posthumus Tax
Back to the topic - if someone dies with debts, then these are paid from the deceased's estate. If there is not enough money to pay all the creditors then the deceased is declared bankrupt at death.
That's all there is to it - this is not something new. If someone has debts, howsoever caused, they should repay them, and a lot of Inheritance Tax planning is done on this basis - deliberately create a debt on the estate so that less tax is payable on death.
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