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Price falls calcg tut inheritance tax
strictly spreaking the tax is calculated on the open market value at the date of death .
if you do agree that the value at date of death is say Â100,000 and then the expecutors sell it for much less, say Â80,000, then provided that is within three years - or four years in most circumstances - of the death you can you can go back and substitute that value that means the tax is recalculated and the revenue will refund the tax overpaid .
john withhiting says the rules agre measier to apply if the property is sold before a claim is made .
they apply to shares as well, though they must be sold within 12 months of the death to get the tax reduced .
they may be sympathetic, but don't expect it to come down totally .
john withhiting, pricewaterhousecoopers .
inheritance bills can be cut if property left in a will falls in price afternatively, the date of death .