Saturday, November 8, 2008
Silver lining to houseprice falls
Inheritance bills can be cut if property left in a will falls in price after the date of death. With house prices down 14% in a year and share prices falling by 30%, estates valued a year ago can be worth far less when the tax has to be paid. The Revenue may be sympathetic and make some cut in the tax. Alternatively, the tax must be cut if the executors sell property within four years or shares within 12 months at a lower price than the valuation.