20.11.2008
Standard Life highlights statutory IHT loss reliefs



"At a time when shares and property prices are continuing to fall, there are statutory Inheritance Tax (IHT) reliefs which should not be forgotten about" says Julie Hutchison, Head of Estate Planning with Standard Life. 

Julie continued, "There are two valuable IHT reliefs available in relation to the estates of deceased persons, where share values or house prices have fallen since date of death.  Families and their advisers should make sure these claims are considered."

The statutory reliefs are as follows:

  • Section 179, Inheritance Tax Act 1984 - this gives relief for the sales of quoted shares sold within one year of date of death.  This relief would not apply to the sale of private family company shares.
  • Section 191, and following sections, Inheritance Tax Act 1984 - which gives relief for the sale of interests in land (including bricks and mortar) sold within 4 years of date of death.  The criteria in Section 191 is that the fall in value must be more than £1,000 and more than 5% of its value, as reported at date of death.  Similar minimum criteria do not apply to the relief for the sale of quoted shares, detailed in Section 179.

Julie concluded, "If the relief is claimed, the sale price replaces the date of death valuation previously reported to HM Revenue & Customs and a refund of IHT arises.  At a time when market values are lower for many assets, these valuable reliefs should be kept in mind, particularly by financial advisers who work closely with law firms."

Media enquiries please contact:

Yvonne Savage
Senior Media Affairs Manager
Direct: 0131 245 0476
Mobile: 0771 248 6331
Email: yvonne_savage@standardlife.com  

Lesley Davidson
PR Consultant
Direct: 0131 245 6087
Mobile: 0773 497 4190
Email: lesley_f_davidson@standardlife.com 

Notes to Editors

  1. Standard Life Assurance Limited is recognised for the high quality of its customer service, in particular for providing a service that is consistent, reliable and responsive. Standard Life received recognition for this in 2008 when the company were voted a 5 star provider at the Financial Adviser Service Awards for the 12th year running.


  2. Standard Life has approximately 7 million customers worldwide and provides an extensive range of products and services, aimed at meeting the financial requirements of customers throughout their lives.

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