Submitting IHT forms and applying for probate. Together? One after the other?

MarkWatson

I'm slightly confused about the process when it comes to reporting the estate value and applying for probate. I have accumulated details of what the estate is worth from the various financial institutions and am almost ready to send the various forms off (IHT 400 and others). Can I file them online? Also, do I apply for probate at the same time, or wait till I have heard back from HMRC?
Not getting many useful answers from the HMRC chat line so i thought I'd ask here! 

xylophone

See https://www.gov.uk/applying-for-probate/apply-for-probate
You must estimate and report the estate’s value before you apply for probate. Depending on its value, you may have to pay Inheritance Tax.
You will need an IHT reference number from HMRC.
https://www.gov.uk/valuing-estate-of-someone-who-died

MarkWatson

Thanks v much, I saw that but it wasn't clear whether I could send the estate valuation in and then immediately apply for probate?

xylophone

See https://www.moneysavingexpert.com/family/guide-to-probate/

1. Complete a probate application form. You have two options here. You can fill in the probate application form 'PA1P' yourself, or call the probate and inheritance tax helpline to get help filling in the form. Remember, the PA1P form can be filled in online if you don't have access to a printer. 
2. Complete an inheritance tax form. At the same time as submitting the probate application form, you have to submit a form to HMRC to see if the estate is liable for inheritance tax (IHT).

HMRC will advise you in due course about the IHT due.

Probate will be issued when the Probate Registry is advised by HMRC that the IHT has been paid.

xylophone

And see https://www.gov.uk/paying-inheritance-tax/deceaseds-bank-account#:~:text=You%20can%20ask%20banks%2C%20building,the%20'Direct%20Payment%20Scheme'.&text=Send%20a%20separate%20form%20for,want%20to%20pay%20HMRC%20from.

Relative used the above when paying IHT for the estate he was administering.

Tunstallstoven

MarkWatson said:

Can I file them online? 

Just on that note...  I recently did probate for my mum.  I studied the online copies of the paper forms so that I'd know what to expect and would be familiar with them, but with a view to completing them on line.  Rather stupidly I thought that the online process would use the same form as the paper one, but it doesn't at all.  I could have saved a lot of time had I known that from the start.  Having said that, I am quite a thorough and analytical person and so it could just be me myself and I who ended up making the extra work for myself!

MMH22

Seagull27 said:

MarkWatson said:

Can I file them online? 

Just on that note...  I recently did probate for my mum.  I studied the online copies of the paper forms so that I'd know what to expect and would be familiar with them, but with a view to completing them on line.  Rather stupidly I thought that the online process would use the same form as the paper one, but it doesn't at all.  I could have saved a lot of time had I known that from the start.  Having said that, I am quite a thorough and analytical person and so it could just be me myself and I who ended up making the extra work for myself!

Seagull27, I was thinking of doing the same thing, thank you for the heads up.  Are you able to save the online form as you go and complete it over a period of time?  I’m stillest waiting from some financial info from NS&I but want to get started as much as possible as I need to complete the IHT 400 which I understand is a more detailed form than the IHT 205. 

Thanks

MSDtoo

Couple of questions on IHT forms I still not sure about: 
- On IHT404 Box 4 and Box7 - Exemptions and reliefs for the jointly owned assets  - Do I put the total of the relevant spouse exemption here and then also list any of these that are through survivorship in box 11? 
- On probate Q2.12 - "Was there any land vested in the person who has died which was settled previously to their death and which remained settled land not withstanding their death?" - I am assuming that a 1/2 share of a house in the deceased's name that was put in trust 4 years ago and where the deceased was a trustee means that the answer to this should be yes?

PamW1001

Probably a bit late, but re IHT404 I also has the problem of whether I should enter my deceased husband's half of our joint bank account both in Section 9 Exemptions ("Deceased's share of joint bank account passed to spouse") and in Section 11 Survivorship.
HMRC said just put it in as an exemption and not as survivorship.
Apparently it's OK for the Net Assets total on the IHT421 summary to be different from the Estate Value Total on IHT400, which was what was worrying me.

nanapop1977

I don't think you can complete and submit the IHT 400 online. You can fill in the forms but then you have to print it off and submit it by post.  There was no IHT payable on the estate we were administering (September 2020) but we needed to use IHT 400 to claim RNBR.  We sent the Probate application off about a week after the IHT 400 and Probate was granted 2 weeks later - didn't need or ever receive a reference number from HMRC.