Some 5,000 families reclaimed overpaid inheritance tax last year, a freedom of information (FOI) request by financial advisers at NFU Mutual has revealed.
In 2022/23, there were 5,160 reclaims, a 22% increase compared to the previous year with over 1,000 families already reclaiming this year.
More than 3,000 families reclaimed overpaid inheritance tax last year after selling property for a lower price than initially valued at death, while 2,000 reclaimed after selling shares and other investments for lower than valued at death.
Sean McCann, chartered financial planner at NFU Mutual, said: “The complexity of inheritance tax is one of the reasons it is feared and loathed by so many, which may be why the Conservatives are reported to be considering scrapping it in an aim to win votes.
“During times of market volatility it is important families check whether they have overpaid inheritance tax, because in some circumstances reclaims can amount to thousands of pounds.”
