Little-known inheritance tax relief could save families tens of thousands

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A little-known inheritance tax relief could save British families tens of thousands of pounds as more estates are pulled into the tax net.Quick succession relief allows beneficiaries to reduce or even eliminate an inheritance tax bill where the same assets are taxed following two deaths within five years.The relief, set out in Section 141 of the Inheritance Tax Act 1984, is designed to prevent the same assets from being taxed at 40 per cent twice in quick succession.Chris Etherington, of accountancy firm RSM, said the relief is relatively uncommon but can be valuable for families who qualify.

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TRENDING Stories Videos Your Say Mr Etherington described quick succession relief as "niche" but potentially "highly valuable" if people know when and how to use it.He said: "As the relief is dependent on two deaths occurring within five years and both estates being large enough to incur inheritance tax, it is not very well known."The amount of relief available depends on the length of time...

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