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Forgot iht205

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Hi everyone
I was executor 2yrs ago for my mother
My father inherited everything and it was all very simple to administer .
No probate was required.
No tax to pay
However I now realise I should of sent a IHT205 to inland revenue.
Can this be done now?
Am I in trouble?
Has my father “ lost “ the amount that could of been transferred to his estate to avoid tax.
Thank you

Comments

  • You only need to complete IHT205 if applying for probate, your fathers estate will still have the transferable nil rate bands from you mothers estate.
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Providing you mother did not make gifts over £3,000 in the 7yrs before she died your father will now have 2x£325k NRB and 2x£125k RNRB = Total £900k.
    The RNRB rises to £150k in April 2019 and £175k in April 2020 then giving a total of £1m.
  • alant1686 wrote: »
    Has my father “ lost “ the amount that could of been transferred to his estate to avoid tax.

    No, but you or your father will need to keep a copy of your mother's Will showing everything passed to your father in an exempt transfer to support the claim to transfer the unused nil rate band.

    I would suggest keeping a copy of the executor's accounts with it too, and their marriage certificate.
    A kind word lasts a minute, a skelped erse is sair for a day.
  • Brynsam
    Brynsam Posts: 3,643 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    No, but you or your father will need to keep a copy of your mother's Will showing everything passed to your father in an exempt transfer to support the claim to transfer the unused nil rate band.

    I would suggest keeping a copy of the executor's accounts with it too, and their marriage certificate.

    Probably aren't any accounts if everything went to OP's father.
  • pwl
    pwl Posts: 100 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I am executor for my mother-in-law's will. She passed away at the beginning of 2018, leaving everything to her surviving husband, with the exception of a small sum to her sister.


    All her bank accounts were in joint names with her husband and, although we cannot locate the deeds, believe that to be the case for their house as well.


    Her estate was below the inheritance tax threshold.


    Am I correct in thinking that (i) no probate is required and (ii) no IHT205 is required?


    Should I send a report setting out her estate anyway, so that it is clear - when the time comes for me to act as executor for her husband - how I have calculated the amount of the unused nil rate band to be transferred over to her husband?


    Many thanks.
  • You do not need to apply for probate, and unless she made any non exempt gifts in the last 7 years of her fife you don’t really need any estate accounts if the gift to her sister is documented in her will.
  • pwl
    pwl Posts: 100 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Many thanks for your helpful reply.
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