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IHT 400 form started advice needed
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hamski
Posts: 110 Forumite


My mother passed away a couple of weeks ago and I am begining the probate process.As far as I can understand I will need to fill in forms IHT400 ,schedules 402,405,407 and 409 along with form PA1.I would appreciate any advice regarding the details.
My father died in 2009 leaving all to my mother (house and monies) except for £1000 each to 3 daughter in laws and 6 grandchildren,as far as I understand this means I have to fill in form IHT400 etc. Before he died my Father started a claim for mesethelioma in which he was successful but unfortunateley died before the award was made.My mother wanted her three children to share this except for a small amount for her (£2000) plus his ISA whch came to approx £150,000.The estates value now is approx £250,000 .I will be declaring the £150,000 as gifts made within 7 years of my mothers death. I am claiming the unused nil band rate to cover the total amount of £400,000 , is this the correct way to do this and are there any tax implications .
As for the schedules IHT 405,407 and 409,are they required when a small company pension of £50 per month was paid and the life insurance pays out under £100 pounds.I have already read that valuing the contents of furnishings need only require a nominal amount (£500) unless of high value is this correct.
I hope this is not too long winded just wanted to ask all I could think of in one post. Many Thanks
My father died in 2009 leaving all to my mother (house and monies) except for £1000 each to 3 daughter in laws and 6 grandchildren,as far as I understand this means I have to fill in form IHT400 etc. Before he died my Father started a claim for mesethelioma in which he was successful but unfortunateley died before the award was made.My mother wanted her three children to share this except for a small amount for her (£2000) plus his ISA whch came to approx £150,000.The estates value now is approx £250,000 .I will be declaring the £150,000 as gifts made within 7 years of my mothers death. I am claiming the unused nil band rate to cover the total amount of £400,000 , is this the correct way to do this and are there any tax implications .
As for the schedules IHT 405,407 and 409,are they required when a small company pension of £50 per month was paid and the life insurance pays out under £100 pounds.I have already read that valuing the contents of furnishings need only require a nominal amount (£500) unless of high value is this correct.
I hope this is not too long winded just wanted to ask all I could think of in one post. Many Thanks
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Comments
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Just found this thread should I of posted here https://forums.moneysavingexpert.com/discussion/487549 not sure if i am allowed to just copy this post in another thread , havent posted much0
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cross post with a link back here is best it keep inofrmation in one place.0
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Thanks have cross posted with link to here , hope thats what you meant .0
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