The following Trusts and Inheritance Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
If shares are sold in the year following death at an overall loss, relief may be available by substituting the sale price of the sold shares for their death values, thus generating a repayment of inheritance tax.
The basic conditions for claiming the relief are summarised as follows. Each condition is discussed further below:
the shares sold must be ‘qualifying investments’
the sales must occur within 12 months of death
the shares must be sold by the ‘appropriate person’
there must be an ‘overall loss’ on the sales of the qualifying investments
IHTA 1984, s 179(1)
This relief does not apply to shares transferred in the deceased’s lifetime, but a separate relief may be available. See the Fall in value relief guidance note.
Qualifying investments include:
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