IHT Forms...advice please

Gazza55

Hello all, my mum passed away 5 weeks ago. As her executor I'm dealing with Probate etc..I've today received the IHT tax  ref code...what are my next steps...do I complete the IHT 400 and IHT 435 forms and send them to HMRC , then they send me a letter telling me what tax I need to pay...I also need to complete a IHT 423 form as I cannot afford the tax, do I send this to HMRC along with the other 2 forms. Or is it simpler than that ?? Thank you

Keep_pedalling

First off are you sure her estate is in IHT territory? Have you taken account of all her exemptions and any transferable ones if she was a widow?

Gazza55

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

Keep_pedalling

Gazza55 said:

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

So her estate is almost certainly over £500k if IHT is an issue. Once you have completed IHT 400 you will know exactly how much IHT is due, you don’t wait for them to tell you.

You may not need IHT 435, as many banks have very high limits as to the amount they will pay to an executor without obtaining probate, I.e £50k in  the case of Lloyds.

Gazza55

Keep_pedalling said:

Gazza55 said:

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

So her estate is almost certainly over £500k if IHT is an issue. Once you have completed IHT 400 you will know exactly how much IHT is due, you don’t wait for them to tell you.

You may not need IHT 435, as many banks have very high limits as to the amount they will pay to an executor without obtaining probate, I.e £50k in  the case of Lloyds.

Thank you...one more question...do I have to include the refunds from various utility companies as part of the final estate figure..IE: TV licence and council tax only a few hundred. 

Keep_pedalling

Gazza55 said:

Keep_pedalling said:

Gazza55 said:

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

So her estate is almost certainly over £500k if IHT is an issue. Once you have completed IHT 400 you will know exactly how much IHT is due, you don’t wait for them to tell you.

You may not need IHT 435, as many banks have very high limits as to the amount they will pay to an executor without obtaining probate, I.e £50k in  the case of Lloyds.

Thank you...one more question...do I have to include the refunds from various utility companies as part of the final estate figure..IE: TV licence and council tax only a few hundred. 

Yes, those fall under other assets and income.

Gazza55

Keep_pedalling said:

Gazza55 said:

Keep_pedalling said:

Gazza55 said:

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

So her estate is almost certainly over £500k if IHT is an issue. Once you have completed IHT 400 you will know exactly how much IHT is due, you don’t wait for them to tell you.

You may not need IHT 435, as many banks have very high limits as to the amount they will pay to an executor without obtaining probate, I.e £50k in  the case of Lloyds.

Thank you...one more question...do I have to include the refunds from various utility companies as part of the final estate figure..IE: TV licence and council tax only a few hundred. 

Yes, those fall under other assets and income.

Thanks again..may ask you more..hope you don't mind..

Keep_pedalling

Gazza55 said:

Keep_pedalling said:

Gazza55 said:

Keep_pedalling said:

Gazza55 said:

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

So her estate is almost certainly over £500k if IHT is an issue. Once you have completed IHT 400 you will know exactly how much IHT is due, you don’t wait for them to tell you.

You may not need IHT 435, as many banks have very high limits as to the amount they will pay to an executor without obtaining probate, I.e £50k in  the case of Lloyds.

Thank you...one more question...do I have to include the refunds from various utility companies as part of the final estate figure..IE: TV licence and council tax only a few hundred. 

Yes, those fall under other assets and income.

Thanks again..may ask you more..hope you don't mind..

That is what this board is for, ask as many as you like.

poppystar

Keep_pedalling said:

Gazza55 said:

Thank you..yes, my mum divorced 37 years ago..she owned her house and has passed this on with other assets to me and my sister..

So her estate is almost certainly over £500k if IHT is an issue. Once you have completed IHT 400 you will know exactly how much IHT is due, you don’t wait for them to tell you.

You may not need IHT 435, as many banks have very high limits as to the amount they will pay to an executor without obtaining probate, I.e £50k in  the case of Lloyds.

Just for clarification for others reading I think you meant to say might ‘not need IHT423’? Isn’t IHT435 the RNRB form which will be needed for the property?

Gazza55

Update..thanks for all your help..I've now completed all forms..worked out I had to fill in 400 435 405 410 406 423 421..with 408 to follow..