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Help with IHT 400 - jointly owned assets IHT 404/405

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Help with IHT 400 - jointly owned assets IHT 404/405

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Hello good people,

My head is about to burst. I am filling IHT400 and have almost got it done, but I have a question about jointly owned assets. Looking at it, as I own half of my Dad's house (made over to me when my Mum died), it seems if I fill in IHT 404 it says details of jointly owned assets, and if it is the deceased's house states that etc. Then you also have to fill in IHT 405 with details of all the property, houses, land etc that the deceased owned, and that means you enter the value of half the house twice on the IHT 400. Question 49 is for jointly owned assets, and question 51 deceased's residence (or share thereof in this instance). So I should only put the value in one box, or I end up doubling up. But which is it? Am I a joint asset holder, or do I just put the value of his half in "deceased residence?" Sorry if I am confusing all, I did say my head was exploding........might ring HM tomorrow and ask them but bit wary as you never seem to get the right answer. The estate will be well below inheritance tax level.

Many thanks

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Replies

  • edited 5 April at 8:38PM
    poppystarpoppystar Forumite
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    edited 5 April at 8:38PM
    I had exactly the same problem! When I phoned the helpline they said I didn’t have to complete 405. I can’t off hand remember what reason they gave but it meant the house wasn’t counted 1.5 times so I followed their advice. 
    It’s half in box 49 and 0 then goes in box 51. I worked on the paper copy and on that there is also a note at box 51 saying to use box 49 where joint ownership. Not sure what the online version looks like if that is what you’re using.
    Hope that helps.

    Edit
    Looking briefly at the schedule in IHT400. Box 32 says IHT405 is for house, land buildings in sole name which the house isn’t if you were left half by your mum. Which I guess was the reason I didn’t recall above.
  • Ali71Ali71 Forumite
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    Third Anniversary 10 Posts Combo Breaker
    Oh thank goodness it wasn't just me!!! I've now got a thumping head and was feeling rather depressed about it all, but you've just cheered me up no end. I've been grappling with the paper version, less stressful than the online one. Done it in rough (and I mean rough), was going to do it again a bit more neatly once I'd worked round this bit. That's a great help, thanks for that, you're a star :) 
  • Ali71Ali71 Forumite
    63 posts
    Third Anniversary 10 Posts Combo Breaker
    Hi,

    Now doing the neat and tidy version of this hellious document!!
     Under jointly owned assets, IHT404, C) is date joint ownership started, presumably that is the date my name was added as joint owner to the deeds etc. D) states contribution by each joint owner, to be shown as fractions. As I came by it as a beneficiary of my Mums will, what do I put as my contribution?? "Zero" and a note that my half inherited or something totally different? I want to get it right if I can!!

    Thank you
  • naedangernaedanger Forumite
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    I agree with your date of joint ownership. But for your contribution I would put down a half - you basically inherited your late mother's half - so that is your contribution. (Then you can add an explanatory note if you wish.) 

    This is all just going on what you have said, and what seems reasonable to me. I did not have this issue.
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