Tax advice of the week: Claw back your rebates

While the taxman tries to claw back his 'lost' two billion, it's worth asking whether he owes you anything.

While the taxman tries to claw back his 'lost' two billion, it's worth asking whether he owes you anything.

For example, with house prices threatening to fall further, those who have inherited estates recently could be due a rebate. Where inheritance tax (IHT) is calculated based on a property valuation at the date of death, but the house is sold within four years for a reduced price, you can reclaim any tax paid if you do so within 12 months of the sale, says Jennifer Hill in The Sunday Times.

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