Please help me with my IHT 205 FORM

Owain_Moneysaver

You don't need account numbers and you don't need to itemise every account separately on the PA1. You also don't need to send supporting documentation.

It is unlikely the probate registry will require estate accounts from you (HMRC are more likely, if it's close to IHT threshold) but if they do, you will have the supporting documentation filed safely won't you?

badger09

As Owain Moneysaver says, no need to enter those details if you're completing the IHT205.

However, if you're into IHT territory, you need the more detailed IHT400 & schedules, which DO require account numbers.

No need to send any supporting documents. Just make sure you have them in case of any queries.

Tom99

If you have a formal RICS valuation of the house I would attach a copy of that.

GEZ

Thank you all very much for the details above
Always will come here if I AM NEED OF Informative help from the helpful members of money saving experts
YES AND I do have the estate accounts set up for any enquries

GEZ

IHT 205 9.1, I have to report a potential exempt transfer of cash made by my Dad one off payment for a car gifted to his partner[not married]and I understand this amount is added onto the gross amount of assets, but it also asks to show the time within 7 years it was bought which is 4- 5 years
What if any exemption should I record here or its not entered into BOX j
This is stopping the completion of the form and would appreciate it if any one can help me on this
Thanks GEZ

Tom99

GEZ wrote: »

IHT 205 9.1, I have to report a potential exempt transfer of cash made by my Dad one off payment for a car gifted to his partner[not married]and I understand this amount is added onto the gross amount of assets, but it also asks to show the time within 7 years it was bought which is 4- 5 years
What if any exemption should I record here or its not entered into BOX j
This is stopping the completion of the form and would appreciate it if any one can help me on this
Thanks GEZ

9.1 might say something like this:
'Gift of £5,000 to xyz on 1st Jan 2014 less £3,000 annual exemption.'
You then enter £2,000 in box 9.1.
What the cash was used for does not matter.
Box J is for assets passing to surviving spouse or charity so not applicable to this gift.

GEZ

Thank you Tom .I cannot thank you enough

TcpnT

9.1 might say something like this:
'Gift of £5,000 to xyz on 1st Jan 2014 less £3,000 annual exemption.'
You then enter £2,000 in box 9.1.

And potentially another £3000 exemption carried forward from the previous year if the allowance was not used during that year. I have used this on Scottish Confirmation application forms recently to claim a total of £6000 exemption

GEZ

There is the matter of in my dad's will there was wishes to set up a trust for one of his sons and the others would be executors.
Before I can make the decision to send off the forms to probate I need to ask if a trust deed should be set up with a solicitor prior to probate Registry receiving these forms for processing?
Any answers would be very welcome, and if any money saving expert can help with this question THANK YOU as always

Keep_pedalling

GEZ wrote: »

There is the matter of in my dad's will there was wishes to set up a trust for one of his sons and the others would be executors.
Before I can make the decision to send off the forms to probate I need to ask if a trust deed should be set up with a solicitor prior to probate Registry receiving these forms for processing?
Any answers would be very welcome, and if any money saving expert can help with this question THANK YOU as always

The setting up of any trusts is just a part of the distribution, and should not hold up the completion of probate.

Does the will actually say wishes in this context? Wishes in a will usually refer to things like funeral arrangements and are not binding on the executors.