Help with IHT400 Q99 and Q105 (linked to IHT418)
in Deaths, Funerals & Probate
10 replies 163 views
This is my first time posting, but have viewed the forums for a while as a guest. Unfortunately my father passed away earlier in the year and I have been left the probate to deal with. I have nearly completed all the forms apart from the questions from IHT418 and IHT400 relating to trusts and paying tax.
Basically my father put his property into trust with myself and him as trustees (he was also the settler) back in 2016. There is enough nil rate band for the property to not take his estate above the inheritence tax threshold. I am at a loss whether to answer question 99 (Assets held in trust on which the trustees would like to pay the tax now) or question 105 (Assets held in trust on which the trustees are not paying the tax now). I did ring the helpline, but for this part it was not very helpful (were great for other questions)
Does anybody know if question 99 would mean that I would personally pay tax on the property and it would not go towards his estate?
Also if I answered question 105 instead, would that mean that the value would not be taken from his nil rate band, but would instead be payable by myself at a future date?
The probate forms have been a mine field, but I am very close to finishing them. Thank you in advance for any help anyone can provide.
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