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Find out more'Can quick succession relief reduce an inheritance tax bill?'
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When I inherited assets from my late mother’s estate in 2021, there was no inheritance tax payable as her estate was within the IHT allowances.
Upon my death, will my estate qualify for quick succession relief?
A Which? Money member
'This silver bullet comes with two major conditions'
Joanne Padilla, Which? Money expert, says...
Sometimes an estate includes an asset that was recently inherited by the deceased, which means that inheritance tax may be paid twice on the same asset, in a short period of time.
Quick succession relief (QSR) is available to reduce the inheritance tax bill if this happens.
QSR is claimed on HMRC's form IHT400. But be aware that getting it depends on certain conditions.
The second death must be within five years of the first death
First is that inheritance tax was actually paid on the first person to die's estate. As your late mother’s estate was not subject to inheritance tax, your estate wouldn’t qualify for QSR.
Second, that the second death must be within five years of the first death (or other event that prompted an inheritance tax bill, such as to do with a trust).
QSR applies on a sliding scale; the larger the gap between the two deaths, the less QSR reduces your tax bill.
Other allowances, such as making tax-free gifts, mean you can still reduce any tax due.
- Find out more: Inheritance tax planning and tax-free gifts
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