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Inheritance Tax

The clients, a brother and sister, inherited a house together with a large garden extending to about one acre from their mother who died suddenly and unexpectedly. The land at the rear was subject to an option purchased by a developer, together with other land owned by the late mother’s neighbours. The option ran for three years, and would potentially lead to a payment of some £750,000 if actioned by the developer. The option was signed by the clients’ mother, with her children’s approval one week before her death.

Their legal advisers thought that HMRC would argue that the value of the option would be £750,000 as at date of death at a tax cost of £300,000. We agreed the value at £250,000, and arranged a strategy that would allow that tax to be reclaimed if the developer did not call in the option, and another strategy to reduce the amount of CGT payable if they did.
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