Inheritance Tax (IHT) is considered unpopular by many, with the standard Inheritance Tax rate currently being 40%. However, some people may be able to claim back an IHT rebate. 

This could apply to those who have inherited shares, which have collapsed in value during the current stock market crash. “You may have to pay Inheritance Tax on money and shares you inherit if the deceased person’s estate can’t or doesn’t pay,” Gov.uk states, adding that HM Revenue and Customs (HMRC) will contact you if you need to pay.

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) that they may have effectively “overpaid”, according to law firm, Wilsons.

Inheritance Tax is calculated on the value of assets on the date of death, and the tax must be paid within six months of the deceased person's death. This means that shares inherited last year, near the stock market peak, may have incurred a tax bills which is very high in comparison to the value of the shares if the heirs sold them now.