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Where Taxpayers and Advisers Meet

Two will beneficiaries, one doing reduced rate of Inheritance Tax

david66
Posts:7
Joined:Fri Jan 22, 2021 7:03 pm
Two will beneficiaries, one doing reduced rate of Inheritance Tax

Postby david66 » Mon May 03, 2021 2:22 pm

If two siblings are the sole beneficiaries of about 500k each in their parent's will. One wants to use a reduced rate of IHT and the other doesn't. Do they fill in separate IHT430 forms? How does the HMRC know which is not using it and which is?

Appreciate any advice,

L

Lee Young
Posts:2697
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: Two will beneficiaries, one doing reduced rate of Inheritance Tax

Postby Lee Young » Mon May 17, 2021 5:27 pm

The reduced rate applies if an element of the estate passes to charity. It is up the executors to elect for the reduced rate, not the beneficiaries. If it applies then claim it as it benefits all.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701


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