Hi,
HMRC have a 12 month deadline on selling inherited shares in order that you can qualify for claiming back IHT on any loss of sale of shares through form IHT35.
However it was not possible to sell these shares within HMRC's 12 month deadline as HMRC were incredibly slow in advising the probate office to issue probate, which they will haven't done. Without probate being granted none of the shares could be sold.
During the cornavirus the shares plummeted and are now worth 150k less than the original valuation used for IHT, so I have effectively overpaid IHT by 60k.
Is there anything I can do, or is that 12 month deadline final. I can't imagine I am the only person to be in this situation, and it may start becoming very common.
Thanks
Bolbs
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