Tax rebate may bring comfort to the grieving

THOUSANDS of families who have lost a loved one are reclaiming overpaid inheritance tax and experts say it's never been more important to check whether you're due a refund.

- By Harvey Jones

New HMRC data obtained by NFU Mutual reveals more than 18,000 families have reclaimed inheritance tax (IHT) since 2022, up 65% in two years. But many are still unaware they may be entitled to money back.

IHT is calculated on the value of an estate at the date of death, and must usually be paid within six months. If a property or shares fall in value before being sold, families can reclaim some of the tax, but only if they act proactively.

A large inheritance tax bill can be a nasty shock for grieving families, said Sean McCann, chartered financial planner at NFU Mutual: “More people are waking up to the possibility that they could reclaim overpaid inheritance tax.”