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COVID-19: Have your inherited assets dropped in value?

COVID-19: Have your inherited assets dropped in value?

| Published on April 3, 2020

People who have received an inheritance of shares or property in the past year may now find that it is worth considerably less than it originally was.

If you have recently disposed of property or shares received from an estate, or are looking to do so in the near future, at a value less than that submitted to HM Revenue and Customs at the date of death, then you may be able to reclaim a substantial amount of the Inheritance Tax (IHT) which has already been paid.

Adam Scott, a Consultant Solicitor with Humphries Kirk LLP comments that:

“HM Revenue and Customs won’t point this out to you and if the estate was a DIY estate and not administered by a Solicitor then the possibility of claiming back any IHT paid may have been overlooked.”

If you have recently received an Inheritance or are due to receive one then Adam Scott, Consultant in our Bournemouth office, can be contacted for further advice on 01202 421111 or by email at a.scott@hklaw.eu.

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