Tax Question:

A personal representative has discovered that the original probate value for a property in the estate neglected to take account of the fact that it is in fact landlocked. How long does he have to submit a revised valuation for the property?

Answer:

Where an IHT account has been delivered and tax paid and accepted in satisfaction of the liability, the time limit to make a claim for a repayment of overpaid tax (s.241) is 4 years after the date on which the last payment of tax was made.

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