David_Dublin
Registered User
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Hi folks,
Is there any mechanism for "reclaiming overpaid" tax in the following circumstance...tax paid was calculated based on share value as at probate date, share values drop fairly significantly between probate date and distribution date (date they are actually inherited).
Shares continue to drop until sold. I understand that when sold there would be capital gains losses calculated based on the difference between value at probate and value they are sold at. But I am not 100% clear if there is any scope for claiming something back on the initial gift/inheritance tax.
Thanks.
Is there any mechanism for "reclaiming overpaid" tax in the following circumstance...tax paid was calculated based on share value as at probate date, share values drop fairly significantly between probate date and distribution date (date they are actually inherited).
Shares continue to drop until sold. I understand that when sold there would be capital gains losses calculated based on the difference between value at probate and value they are sold at. But I am not 100% clear if there is any scope for claiming something back on the initial gift/inheritance tax.
Thanks.