Inheritance tax (IHT) can be a complicated element of estate planning and there can be various forms to fill out for different setups. These forms are regularly updated and yesterday, HMRC updated a number of them concerning probate and foreign assets.
HMRC updated its IHT400 form, which is used to apply for probate or confirmation if there’s IHT to pay, or if the deceased’s estate does not qualify as an “excepted estate”.
A completely new version of the explanatory notes accompanying this form have been uploaded onto the Government’s website.
Additionally, a new version of the IHT417 form has been uploaded.
This form is used with IHT400 if the deceased had a permanent home in the UK when they died but had assets outside the UK.
Specifically, HMRC detailed it can help with:
- Understanding inheritance tax responsibilities
- Confirming the forms needed
- Getting paper copies of forms
- Completing paper inheritance tax forms
HMRC can also be written to with queries and correspondence about IHT (or to send the IHT400 form).
When writing to HMRC, people will need to include a HMRC reference number or the full name and date of death of the person who has died.
It should be remembered IHT is only levied where an estate is valued at £325,000 or more.
Where IHT is due, it is usually charged at 40 percent.