Hello. Does an IHT400 form need to completed if the value of the estate is over £325k but under £500k? This scenario includes money and a property that is being inherited by the children? Thank you.
Hi, it sounds as though an IHT400 is likely to be required. Although every individual automatically gets the Nil Rate Band allowance (£325,000 as you say), the Residence Nil Rate Band allowance (an additional £175,000) is not applied automatically and you have to complete the IHT400 to obtain this. There are other circumstances where an IHT400 may not be required, for example if the parent you are referring to had a spouse that died before them and they had inherited the spouse's Nil Rate Band allowance. In this case, it may be that your parent has £650,000 worth of Nil Rate Band allowances available and no IHT400 is required. Brachers offer a free 30 minute initial probate meeting, with no obligations to proceed with us. We would suggest you book in for a brief chat, we can look through the Will together and discuss the assets within the estate. We will be able to advise on whether an IHT400 is required and the next steps that need to be taken. www.brachers.co.uk/personal-law/probate-estate-administration
Hi, the best thing to do is to contact the HMRC IHT helpline on 0300 123 1072 You will need the IHT reference submitted within the IHT400 handy when calling. Thanks Brachers
Hello. Does an IHT400 form need to completed if the value of the estate is over £325k but under £500k? This scenario includes money and a property that is being inherited by the children? Thank you.
Hi, it sounds as though an IHT400 is likely to be required.
Although every individual automatically gets the Nil Rate Band allowance (£325,000 as you say), the Residence Nil Rate Band allowance (an additional £175,000) is not applied automatically and you have to complete the IHT400 to obtain this.
There are other circumstances where an IHT400 may not be required, for example if the parent you are referring to had a spouse that died before them and they had inherited the spouse's Nil Rate Band allowance. In this case, it may be that your parent has £650,000 worth of Nil Rate Band allowances available and no IHT400 is required.
Brachers offer a free 30 minute initial probate meeting, with no obligations to proceed with us. We would suggest you book in for a brief chat, we can look through the Will together and discuss the assets within the estate. We will be able to advise on whether an IHT400 is required and the next steps that need to be taken. www.brachers.co.uk/personal-law/probate-estate-administration
Hi can you please help how do I get in touch with HMRC to see if they have received my IHT400 form? thankyou
Hi, the best thing to do is to contact the HMRC IHT helpline on 0300 123 1072
You will need the IHT reference submitted within the IHT400 handy when calling.
Thanks
Brachers
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