For those who have paid Inheritance Tax, the fall in value of assets bought in by the recession may bring relief for those who have inherited estates within the last few years.
Broadly, if assets are sold at less than the probate value on death within 4 years, IHT may be reclaimable on the difference. However this must be claimed within 12 months of the sale.
There are potential pitfalls and all the facts and calculations must be considered before submitting the claim, because once submitted, you cannot go back. Sometimes discounts previously claimed will be clawed back and there is a chance you could be a net loser.
However, your individual and Estate figures are well worth examining closely as you may well be entitled to a considerable rebate. We will be glad to look at this in detail for you.
Contact Felix Appelbe or helen Freely on 0207 242 7000 if you would like to discuss this or any other aspect of inheritance tax.
