Quick succession relief
In this lesson, you'll learn how quick succession relief (QSR) works and when to apply it in your Taxation exam. Quick succession relief reduces the inheritance tax liability when two chargeable events occur within five years involving the same asset—typically when someone inherits and then dies, or receives a
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In this lesson
- 0:00 Quick succession relief explained
- 0:36 How QSR calculation works
- 1:36 Worked example with numbers
- 3:21 Key takeaways and exam tips
About this lesson
lifetime gift that becomes chargeable and then dies within five years. You'll discover the relief formula (first IHT × percentage based on time elapsed × net transfer over gross transfer) and the key percentage bands: 100% relief within one year, declining to 20% between four and five years, and nothing after five years. Through a worked example, you'll see how to calculate the relief and apply it to reduce the IHT bill, and learn how to spot QSR situations in exam questions by looking for assets passing between two people within a five-year window.
Duration: 4m
Transcript
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