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IHT1984 s191


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I have a query regards fall in value relief in respect of land. I have a client that is in the process of selling a property following the death of a relative. They were the sole beneficiary of the estate and also the personal representative (they used a solicitor too). 

Property was valued for probate as £400k. It is being sold for £300k. However, I believe that the property is now transferred from the deceased's to the beneficiary's name.

My question is that 191 relief can only be claimed by the appropriate person, normally the executor. In this case, the appropriate person is also the beneficiary. I worry that the legal transfer of the property from the estate to the beneficiary will prove fatal to a s191 claim. 

Technically the same person will be making the claim, however, it will not be in hte capacity of an executor. Does it fail?


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By Kim Jong Un's Hair
03rd May 2017 21:28

Bump to the list people read

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By Dick Stastey
04th May 2017 10:36

I think you need to ask yourself whose liability the IHT on a specific bequest is, and whose liability the IHT on the residual estate.

Next consider whether the property transferred to the client was transferred as a result of a specific bequest or as part of the residual estate.

With what you have deduced already, then, I think, you will have your answer.

That said, I haven't bothered to read the legislation.

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By Tax Dragon
05th May 2017 12:42

The same individual; technically not the same person. At least, not (for the purposes of the relief) in HMRC's view expressed in IHTM33050.

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