Inheritance tax refund a possibility

Published by Sarah Mannooch on 5 May 2020

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Grieving family members saddled with pre-coronavirus inheritance tax liabilities may be in line for a refund from HMRC, says Sarah Manooch, a solicitor in our Wills and Probate team.

“Stock markets and the value of investments have plunged following the global COVID-19 pandemic. And what many grieving families may not realise is that if the value of shares fall within one year of death it may be possible to reclaim any inheritance tax paid.

“In many cases the power to dispose of shareholdings will depend on whether probate has been granted, and with likely delays to this process resulting from COVID-19 that one-year time frame will quickly disappear.

“Executors of estates will need to ensure that the losses meet the strict and numerous qualifications for an IHT refund, such as whether it’s the executor or a beneficiary who incurs the loss, who makes the claim to HMRC, and what happens if there are any gains. There are many pitfalls for the unwary and executors may be negligent if they make a mistake or don’t take proper advice.”

If you would like to discuss the topic explored in this article, contact Sarah Manooch.

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