Questions re. ISAs following bereavement

masonic

itm2 said:

So if IHT was paid based on the valuation of the estate at the date of death, but the estate was worth 20% less by the time Probate was granted, is the "overpaid" IHT reclaimable?

There is a relief for qualifying investments, yes. See: http://www.babcocktaxservices.com/iht-estate-falls-in-value/

It does not apply if the assets were transferred to a beneficiary and sold by them, or if the assets were not sold within 12 months of the death.

itm2

masonic said:

itm2 said:

So if IHT was paid based on the valuation of the estate at the date of death, but the estate was worth 20% less by the time Probate was granted, is the "overpaid" IHT reclaimable?

There is a relief for qualifying investments, yes. See: http://www.babcocktaxservices.com/iht-estate-falls-in-value/

It does not apply if the assets were transferred to a beneficiary and sold by them, or if the assets were not sold within 12 months of the death.

Thanks - that's good to know