Autumn Statement 2023 representation - IHT relief for loss on shares

The ATT has made a representation to the Government in relation to the 2023 Autumn Statement requesting that executors are given a longer period in which to sell shares from the estate and claim relief for a loss on sale.

Where executors of estates sell shares which have fallen below the probate value, they can claim relief from Inheritance tax (IHT) on the value that has been lost provided that the shares are sold within 12 months of the date of death. However, many estates are struggling to obtain the required grant of probate in time to make sales due to delays in the processing of probate applications. These delays are outside of their control. The ATT considers that the existing 12- month window needs to be extended to 18 or 24 months from the date of death, even if only on a temporary basis, until these delays are resolved.