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.

• tax year
• TBL
• team-building exercises
• team selling
• technical analysis
• technical rally
• technical reserves
• technological change
• technological risk
• telecommuting
• teleconferencing
• telegraphic transfer
• telemarketing
• telephone banking
• telephone focus groups
• telephone research
• telephone selling
• teletext
• television home shopping
• television rating
• teleworking
• Telex
• teller
• temporal method
• temporary assurance