Spring 2009 Newsletter Content Oh for a little hindsight Can't pay, won't pay? Shock in Essex Car tax You signed it Don't be late Age before beauty? IHT and falling prices More paper Shopping around Less paper PAYE or not PAYE... Flat rate scheme A change of heart There are limits Do your duty Free lunch VAT a mess Dissatisfaction guaranteed Don't believe it! Too late Tax on tick £100 note Temp reminder

IHT and falling prices What's worse than seeing your investments fall in value? Having to pay tax on the value a year ago - because Inheritance Tax is calculated on probate values at the date the person died. So someone who inherits land or quoted shares before a downturn can suffer a double whammy. There is a get-out - as long as the person who pays the IHT, such as the personal representative, sells land within 4 years of the death or quoted shares within 12 months, the tax can be recalculated using the sale proceeds instead of the probate value. If that time limit is approaching, the executors should think about the values of the assets they still have and decide whether they can claim the relief. If you are concerned about IHT or involved in administering an estate, we are here to help.