People who have inherited shares in the past year that have now plunged in value in the stock market crash can claim back any Inheritance Tax (IHT) they have effectively “overpaid”, UK private client law firm Wilsons has highlighted.

IHT is calculated on the value of assets on the date of death and the tax has to be paid within six months of the person's death. So shares inherited last year, near the stock market peak, may have incurred a tax bill which is very high compared to the value of the shares if they are sold now by the heirs.

The IHT could be payable at the IHT tax rate of 40 percent (for individual estate...