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Where Taxpayers and Advisers Meet

Which IHT forms should I use

Posts: 69
Joined: Mon Nov 02, 2009 10:03 pm

Which IHT forms should I use

Postby sigmund » Sat Jun 27, 2020 4:40 pm

I would be most grateful if someone could help me as I am finding it very confusing as to which forms I should complete for probate/IHT as the instructions seem to me to be somewhat ambiguous.

My wife has died and according to her will I am the sole executor and sole beneficiary of her estate. She has, however, made substantial gifts out of her surplus income and also PET’s during the last seven years prior to the date of her death to our children and grandchildren, though even combined they do not exceed her IHT nil rate band allowance of £325,000. I understand that, as I am the sole beneficiary, there is no IHT due. I also understand that any of my wife’s surplus IHT allowance can be transferred to me (presumably any outstanding PET's etc. would have to be taken into account).

What I do not understand is which IHT forms I should complete.

1. Do I just need to complete IHT 205 and IHT 217 or, as there are gifts out of surplus income and PET’s, do I need to complete IHT 403 as well, or
2. Do I need to complete IHT 400, IHT 403 and IHT 402 instead?

Lee Young
Posts: 2675
Joined: Wed Aug 06, 2008 3:26 pm

Re: Which IHT forms should I use

Postby Lee Young » Thu Jul 02, 2020 12:19 pm

To claim the gifts out of surplus income (as they have to be claimed, they are autoamtically given as of right, such as a standard nil rate band) you have to submit the IHT400 and the various schedules.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner

Partner, Frettens LLP
01202 491701

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