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Where Taxpayers and Advisers Meet

Ltd Company - IHT400

Joined:Fri Jun 18, 2021 10:11 am
Ltd Company - IHT400

Postby Cameron1590 » Fri Jun 18, 2021 10:17 am


I have sent in my IHT400 for my late fathers estate. I’m worried I have made a mistake, either way there is still be no tax due on the estate - just worried about my admin error.

Instead of listing the two ltd company bank accounts held by my father on the IHT406 - Bank/Building society accounts. I have instead listed the value of them on IHT413 - Business Interests :roll:

Do I need to do anything or just await HMRCs review of the return?

Thank you.

Joined:Wed Aug 06, 2008 3:25 pm

Re: Ltd Company - IHT400

Postby maths » Sun Jun 20, 2021 4:46 pm

If there is no IHT to pay in any event, then sit tight and clarify if and when HMRC raise any questions.

Joined:Fri May 16, 2014 3:47 pm

Re: Ltd Company - IHT400

Postby AGoodman » Mon Jun 21, 2021 3:10 pm

Whose accounts were they?

If they were company accounts (i.e. bank accounts in the name of the companies) then they shouldn't be mentioned on your father's return at all. The value would be in the value of the company shares. The value of the shares should be recorded on IHT412 (unlisted stocks and shares and control holdings).

IHT406 is for accounts in your father's personal name and IHT413 would be assets relating to a business where your father was sole trader (i.e. trading in his own name rather than that of a limited company).

Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”