Quick Succession – a useful relief
Mr Jones was pleased to inherit a substantial sum of money from his Aunt in 2015. Unfortunately Mr Jones did not live very long to enjoy his inheritance and now he has died leaving his son wondering whether he will have to pay inheritance tax on the same property. Fortunately there is a relief called Quick Succession Relief which gives a reduction on inheritance tax payable on the property on the second death. The amount of relief given is 100% if the second death occurs within a year of the first death and then with a sliding scale relief up to a maximum of 5 years.