What is Quick Succession Relief (QSR)?
If an individual dies and had recently (within last 5 years) inherited an asset that had been subject to inheritance tax, it would seem unfair to tax that asset in full a second time. This is where QUICK SUCCESSION RELIEF comes in.
QSR is in fact a TAX CREDIT on the estate of the second individual who has died.
The tax credit is calculated as the IHT on the first death multiplied by a % depending on how soon the second death has occurred.
|YEARS BETWEEN DEATHS||TAX CREDIT RATE (%)|