House prices in the UK fell by 3.7% between June and July 2021, while in England they were down 4.5%.

This means that, if those properties were part of an inherited estate, on which families paid inheritance tax (IHT), they may be eligible for a refund, said NFU Mutual.

This is because IHT is calculated on the value of the property at death; so, if the value falls between the date of death and the time of sale, people can reclaim the tax paid on the difference.

A Freedom of Information (FOI) request by NFU Mutual discovered that 3,630 families have reclaimed IHT paid on properties in this exact way in the 2020-21 financial year.

But the insurer believes that, as property prices slump, the number could grow.

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