Deed of Variation and IHT205

[Walesprobate]

I am completing an IHT 205.

The family want to vary the will so that a NRB sum is passed to the children rather than income to the spouse for life and capital to the children on spouse death as stated in the will.

Some of the assets are in joint names and pass to the surviving spouse by survivorship and she wants to vary her right to these assets and pass them to the children. What figures are inserted into the IHT205 at clause 9.2 ? The amount of the deceased's share of joint assets or are the balances ( as varied ) at 11.1 ?

Thank you everyone

[AnthonyR]

The effect of the deed of variation for IHT purposes is to treat the amended disposal. You will also need to put in place a retrospective severance of the tenancy, which will remove the automatic transfer which usually takes effect with joint ownership. Care needs to be taken when you do this.

Consequently once all the correct docs are in place, those assets that once transferred through survivorship will no longer transfer through survivorship and so will not need to be reported in box 9.2.

However, that's all on the assumption that the DoV is completed prior to the filing of the IHT205.