"Pressure is growing on ministers to extend the 12-month claims window for loss relief on share price falls for inheritance tax as lengthy delays in processing probate are making it impossible for people to claim."
Speaking with the Financial Times, partner Rebecca Fisher adds her support to calls for an extension of the 12-months claim window for loss relief. The Association of Taxation Technicians (ATT) recently penned a letter to Parliament, requesting changes to be made in the upcoming Budget on 15 March. The ATT argues that the current 12-month window should be extended to at least 18 months. In her experience, paper applications for probate are taking six to eight months to resolve, longer than the stated average.
The full article is available to read online by subscription to the Financial Times.
Rebecca is a partner in the private client group. She advises clients on all aspects of private client law, including wills, estate planning, administration of estates, trusts and powers of attorney. She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning.