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My father set up a bond with a 25k loan to friends life. My

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My father set up a bond with a 25k loan to friends life. My father had now died and the executors want the 25k paid into the estate ( it will make up part of the 325k tax allowance). Friends life will not pay to a third party and wish to pay it direct to me as a beneficiary and for me to pass on to the executors. If they do that I will have to pay tax on it, How do I avoid paying the tax when the sum should be tax free.
Submitted: 3 months ago.
Category: Tax
Expert:  TonyTax replied 3 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 3 months ago.

Is this a bond whereby withdrawals could be made of 5% of the original capital per policy year? Were any such withdrawals made? Who are the named beneficiaries of the bond (not necessarily the same as the beneficiaries of the estate)? What does the bond say about what should happen to the cash on the death of the life assured, your father?

Customer: replied 3 months ago.
it was a 5% withdrawal but no withdrawals have been made. It was set up in 2003 with myself and 2 brothers as beneficiaries. It is a joint life with the youngest son. The trust has been set up with a lon from the settlor. The settlor can request the repayment or part repayment of the loan at any time, I cant find anything specific re the loan on my fathers death.
Expert:  TonyTax replied 3 months ago.

I shall have to opt out of this as I'm not familiar with trust set up arrangement you have or the circumstances as to why the life office won't pay the loan back to the esate.

Expert:  Nicola-mod replied 3 months ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 3 months ago.
Cancel it if we get a refund as we have not had an answer.

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