quick-succession relief

quick-succession relief
Relief available when the same property is assessed for inheritance tax purposes in the estates of two separate individuals, the second of whom dies within 5 years of the first. For example, B inherits property from A, which was subject to inheritance tax on A's death of £X. If B dies within one year of the date of the gift, the inheritance tax, £X, that was paid on A's estate will be allowed in full against the inheritance-tax liability on B's estate. If B dies within 1-2 years after the date of A's death the relief is 80% of £X, within 2-3 years relief is 60% of £X, within 3-4 years relief is 40% of £X, and within 4-5 years relief is 20% of £X. The relief is deducted from the whole estate, not simply a particular part of it. Further details are available in the Inheritance Tax Manual, which is available online from the HM Revenue and Customs.

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