Lifetime transfers: specific lifetime reliefs: fall in value relief: the claim
There is no particular form for the claim, but the claim
- must be signed by one or more of the persons liable for the tax (or additional tax), and
- must be made within 4 years of the date of the donor’s death.
The claim must also
- identify the transfer and the transferred asset
- confirm that the asset has been retained by the transferee (or their spouse or civil partner (IHTM11032)) or has been sold by a qualifying sale (IHTM14625) (details of which should be provided), and
- confirm that the asset is in all respects the same at the date of death or sale as at the time of the transfer or give details of the changes which have taken place.
The person making the claim should also provide an estimate of the relief sought, which may normally take the form of an estimate of the market value at the date of death or sale
There is no provision to allow a late claim for relief under IHTA/S131.