Have you claimed your inheritance tax refund? | Winston Solicitors Skip to main content
Have you claimed your inheritance tax refund?
Advice

Have you claimed your inheritance tax refund?

Monika Volsing Monika Volsing
2 min read

With the coronavirus pandemic causing shares to plummet in price, it is important to be aware of your ability to claim an inheritance tax rebate if you are an executor or beneficiary of a taxable estate. If qualifying investments (primarily quoted shares and securities) are sold within 12 months of the date of death, at below probate value, you can claim an inheritance tax rebate.

The claim is made by completing an IHT35 form. All sales of shares within 12 months of the date of death must be included in the claim, whether or not a loss is incurred. This means that any gains made on shares will reduce the overall relief. It may for that reason be beneficial to hold back the sale of any shares which have increased in value since the date of death in order to maximise the overall relief on tax.

With many quoted shares having “taken a beating” during the COVID-19 pandemic, it is foreseeable that a significant number of these claims could be made. However, the availability of this relief is not well known and if you are a beneficiary of an estate, it is important to check with the Executor or solicitor dealing with the estate that this has not been overlooked to avoid missing out.

Furthermore, there is a similar type of relief available in respect of land which is sold below probate value within 4 years of the date of death. It is, therefore, important to ensure that those dealing with the estate are fully acquainted with the rules relating to inheritance tax. If you require advice on these or any other inheritance tax or estate issues, you should ensure that you seek advice from a specialist solicitor who is fully acquainted with inheritance tax issues.

Client feedback

We engaged Winston Solicitors to update our Wills and create Lasting Powers of Attorney. Thanks to the help from Emily Spencer, we found the whole process to be easy, quick and very efficient
Lynne
very nice staff and a lovely building realy good servive very prompt and easy to understand
Stephen
Completing our will was a very easy process and with support the whole way through to get to the end result that my wife and I wanted. Always had great service from Winston’s. Highly recommend.
David
Re Will writingInformative ,goes through all options with clear explanations.Friendly Communication good
Rosamund
Even though I thought that my will was fairly straightforward, I learnt a few things through the process. The solicitor gave me some thoughtful alternatives which I appreciated. All in all a very satisfactory process and outcome.
Suzanne
Monika dealt very well with probate on a house of mine that I’m selling, she was very professional,Dealt quickly, and very polite. Kept me updated the whole way through .Thank you Monika five star 🌟🌟🌟🌟🌟
Anne-Marie
We found Winston Solicitors to be competent, pleasant and helpful and happy to discuss and explain the interpretation of the legal terms.
Anonymous
Excellent service
Sheila
Contact Monika