I've searched around and can't find and answer. Also perhaps this might fit better in taxation and feel free to move it if thats the case.
Does anyone know what the situation is when you inherit a S.23 property from a parent within the 10 year clawback period. Am I right in saying that the amount already claimed by the person who died is clawed back and then the person getting it can claim relief (once its still let etc).
If this is the case how much relief can the person inheriting it claim?
Can the merely claim the amount that was unclaimed by their parent or because all relief was clawed back is the original amount available.
Totally stumped on this and can't seem to get a straight answer.
Does anyone know what the situation is when you inherit a S.23 property from a parent within the 10 year clawback period. Am I right in saying that the amount already claimed by the person who died is clawed back and then the person getting it can claim relief (once its still let etc).
If this is the case how much relief can the person inheriting it claim?
Can the merely claim the amount that was unclaimed by their parent or because all relief was clawed back is the original amount available.
Totally stumped on this and can't seem to get a straight answer.