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  • Tax - IHT claim for fall in value relief for land and buildings
    IHT claim for fall in value relief for land and buildingsWhere, within four years of the date of the deceased's death, a property in their estate is sold at open market value for less than probate value, you can make a claim to recalculate the inheritance tax using the sale value instead. ConditionsA number of conditions must be satisfied:a claim must be made within seven years of the date of deathall sales within the first three years following of death must be taken into account, whether they were for more...
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  • Tax - Failed potentially exempt transfer - fall in value claim
    Failed potentially exempt transfer - fall in value claimGifts between individuals are potentially exempt transfers (PETs) for IHT purposes. This means that there's no IHT to pay at the time, but if you die within seven years the full value of the gift becomes chargeable. This is known as a failed PET. Where IHT becomes payable as a result of a failed PET it is usually the recipient of the gift who is liable to pay the tax. ExampleJulie's aunt gave her £100,000 worth of shares in May 2016, having made...
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