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BREXIT PANIC! VALUE OF PROPERTY AND SHARES HAVE FALLEN SINCE DATE OF DEATH

Help could be at hand.  If an executor sells any investments within 12 months of the date of death and the value has fallen, it is possible to substitute the sale price for the value as at the date of death and to reclaim the excess inheritance tax paid on the higher value.  In making this claim all qualifying investments have to be included not just those that have fallen in value so that any gains made since death will reduce the amount of inheritance tax that can be reclaimed.

With regard to property, HMRC guidance states:  “If land or buildings are sold within 4 years from the date of death for less than the value on which inheritance tax was paid, you may be able to claim relief for loss on sale of land”.

These refund possibilities may alleviate Brexit pain for some.

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