Are you due an inheritance tax rebate?
You have up to 7 years after the date of a registered death to make a claim and these claims can be made for any depreciation (over £1k) of the originally stated value of a property up to the date of the sale of that property if it was sold within 4 years of the initial estate valuation submission and the original estate was valued at over £325k and inheritance tax was paid upon it.
The UK property market is in general decline and most significantly in London and the South East where property process have fallen in the last year by an average of 2%.
As an example therefore, a property valued at £400k at date of IHT submission that has dropped by 2% means a reduction in value of £8000.
This would equate to a rebate of £3200 being the 40% tax paid on the £8k depreciation.
Don’t miss out on your rebate.
Simply complete an IHT38 form which can be downloaded below.