Q&As

Can a refund of inheritance tax be claimed where falling exchange rates result in lower proceeds being received by the personal representatives on closure of foreign currency bank accounts?

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Published on LexisPSL on 17/06/2020

The following Wills & Probate Q&A provides comprehensive and up to date legal information covering:

  • Can a refund of inheritance tax be claimed where falling exchange rates result in lower proceeds being received by the personal representatives on closure of foreign currency bank accounts?

The general principle is that inheritance tax (IHT) due in respect of a deceased’s estate is calculated on the value of the estate as of the date of death. The value of assets and liabilities should be obtained in the foreign currency as at the date of death, as well as the pound sterling conversion of that value at that date. HMRC advises in the notes to Form IHT417 that major currencies should generally be converted at the closing mid-point figure given i

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