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Tax Refund - Inheritance Tax Rebates
Inheritance Tax Rebate
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It is possible that homeowners in the UK could have overpaid Inheritance tax due to falling house prices in the last four years. It is estimated that over 21000 estates could be affected and the average Inheritance tax rebate due back could be over £4000.
It has been stated that the most likely candidates are people who inherited property between June 2008 to February 2009 and June 2010 to August 2011. The potential Inheritance tax rebate is applicable to inherited residential properties.
Your eligibility for an inheritance tax rebate depends on the property being sold within four years and for less than it was valued at during probate ( point of death ). This is quite possible due to falling house prices seen in the UK over the last few years. It is therefore worth considering if you meet the criteria, as you may be eligible to reclaim an inheritance tax rebate.
Inheritance tax can generally be quite complex and seeking financial advice is recommended to ensure that you are being as tax efficient as possible.
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