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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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The announcement this week that the construction industry and property market is once again open for business, is the first glimpse of light at the end of the lockdown economic tunnel.

HK is open for business and our specialist team of property and construction lawyers is ready to help those wishing to move home,  invest in property, refinance and undertake development.

In the following weeks more industries will reopen and our community will continue to revive. I believe that with positivity the Country can fight off, not only Covid 19, but also the economic recession that is anticipated.

We are all looking forward to a brighter future but are mindful of the sacrifices made by each and every one of us over the last few months.  I know that the  HK team are here for our clients to support them and their businesses on the journey that lies ahead.  I may not be certain of what the future holds but I am certain that we at HK are equipped to provide the advice you need. 

As a thank you for the huge support provided by front line workers we continue to offer preferential rates on selected services.  

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