inheritance tax help

[vik2001]

Hi all
my husband passed away recently. he had the following accounts:

Our main and only property which we lived mortgage free - joint names.
2 bank accounts - joint name. these are in my name only now after producing death certificate.
1 other bank account - Lloyds TSB - he had 3 accounts here which were in his sole name and not mine. total around £75k and i cant get this transferred to me as it wasnt joint account. i was told i need to apply for probate and fill in tax inheritence form.

question is will the whole estate be taxable even the accounts that are in my name? or just the accounts that were in his name?
also will i pay Inheritance tax on the property which is mortgage free?
im finding it difficult filling in the IHT205 form, any help or guidance?

thanks

[AvocadoK]

If your husband left everything to you, there should be no tax to pay. But you still have to fill the forms in.

In Box 9.2, you have to enter details of the house and bank accounts held jointly. Enter the details in the large box and enter the value of his 50% share in the numbered box.

In Box 11.1, enter the amount he had in his bank account.

In Box 12.3, enter any amounts he owed (eg credit card bill), and Box 12.1 for any funeral expenses you paid.

Once you have added everything together, you will get to a total to go in Box H. Then put the same figure in Box J, if he left everything to you. Box K is then zero. (The only complications would be if you are not domiciled in the UK or if he left anything to anyone else).

There is a lot of guidance notes on the HMRC website, but if it is all rather overwhelming, you could spend an hour or so with a solicitor/accountant to help you through it, without it costing the earth.

Regards

[vik2001]

thanks for the reply.
for 11.1 do i included the total amount of money in his sole account as well as joint accounts??

[AvocadoK]

11.1 is just for accounts in his sole name.
Joint accounts go in 9.2.
Regards
AK

[vik2001]

The joint accounts are now soley in my name. Do i still include them in 9.2?

[maths]

Yes, as it's the position at date of death.

No doubt AK will comment further.

[AvocadoK]

Yes, as maths says, you are looking at what your husband owned on the date he died. This includes 50% of the balance of your joint account.
AK

[vik2001]

in question 11.10 it askes for Other land and buildings...
should i be including the resedential flat my husband had abroad. i have already included the value in 9.5 for assets outside of the UK.

[AvocadoK]

No, do not include overseas property in 11.10.
Is the value of the flat more than £100,000? If so, you have to use form IHT400 instead of IHT205 (see Q5).
AK

[vik2001]

thanks AK you been so helpful. its valued around £50,000