Inheritance Tax Act 1984 section 179

The relief

Section 179 provides relief where qualifying investments from a deceased person's estate are sold at an overall loss within twelve months of the death.

• Relief is available where the total probate value of qualifying investments sold within twelve months of death exceeds the total sale proceeds, creating an overall "loss on sale"
• The sale value used is the actual sale price or, if higher, the best consideration that could reasonably have been obtained at the time of sale
• Relief is given by reducing the date of death values of the sold investments by the amount of the overall loss, thereby reducing the inheritance tax liability
• A claim must be made within four years after the end of the twelve-month sale period, and the claimant must specify the capacity in which they are acting