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Questions re. ISAs following bereavement
Comments
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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.0
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Thanks - that's good to knowmasonic 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.0
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