Death and Personal Representatives: Valuation of assets at date of death and associated liaison with Specialist PT-IHT: Ascertained values: Valuation of assets: ascertained values: IHT reliefs less than 100%
Certain reliefs from Inheritance Tax operate by reducing the value on which Inheritance Tax is charged by a certain percentage. Where
- a value has been `ascertained’ for Inheritance Tax purposes
- a relief for Inheritance Tax purposes at a rate of less than 100 per cent has been applied
the ascertained value is the value before the deduction of the IHT relieving percentage. In particular this will apply to deductions for
- agricultural property relief
- business property relief
in those years where the deduction for those reliefs was at rates of less than 100 per cent. For those years where the rate of relief is 100 per cent no Inheritance Tax will have been charged on assets of this type. HMRC - Trusts and Estates IHT will therefore not have needed to consider the value of the asset. Thus no value will have been `ascertained’ for Inheritance Tax purposes.