Jurisdiction(s):
United Kingdom

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Key definition

Lender definition

What does Lender mean? In legal practice, a lender is the party that advances money or otherwise extends credit to a borrower under a loan or facility agreement, to be repaid (usually with interest and fees) on agreed terms. Lenders include banks, building societies, finance companies, credit funds and syndicates (often acting through an agent and security trustee). “Lender” is a descriptive term used across financing contexts rather than a term generally defined in statute. Legislation and regulation more often use “creditor” or define specific categories (for example, regulated mortgage lending and consumer credit), for which authorisation and conduct rules apply in the...

On-demand loan write-off if no demand: estate asset or PET, value

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Inheritance tax (IHT) treatment of the loan

The IHT consequences for a loan turn on its precise wording and conditions, such as whether the borrowing is secured. You should also review the Lender’s Will, in case the testamentary provisions discharge the liability. In practice, the difference between classifying the loan as an asset of the estate on death or as a failed potentially exempt transfer immediately before death may, in some cases, make no difference to the IHT due. To reach the correct analysis, the language of sections 4 and 3A of the Inheritance Tax Act 1984 (IHTA 1984) must be considered. In particular, section 4 (transfers on death) provides that IHT applies as though, immediately prior to death, the deceased had made a Transfer of value—i.e. a deemed transfer immediately before death that triggers the IHT charge...

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Web page updated on 27/05/2026

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