IHT400 required?

gonefishing

Hope someone will be able to confirm whether we need to file an IHT400 for my father who died a few days ago.

His assets are property £420,000 and Bank/Saving Accounts £120,000 and only about £1,500 in other assets - to be split 50% between my brother and I.

We have used the Governments Inheritance Tax Checker, which indicates no inheritance tax is due on his estate, but this takes into consideration my late mother's unused IHT threshold (approx £100,000) who died in 2003. 

My question is, does this mean we do not need to complete IHT400 and the associated schedules?

Reading the government page on "How to value an estate for Inheritance Tax" indicates it qualifies as an excepted estate and therefore, because IHT is not due, we don't need to complete IHT400. 

It looks as though, had my father had died prior to 31st December 2021, we would have been required to complete IHT400, which is putting doubt in our minds as to whether the current information is correct.

We've read it numerous times and there are no complications, such as gifts or trusts, so really just looking for a bit of reassurance.

Many thanks

Keep_pedalling

If your mother left everything to your father then her transferable NRB is available in full £325k not £100k, so had he died last year you would only have needed to fill in IHT250 not IHT400.

IHT205 is now obsolete and the transferable residential NRB can also be claimed under the new system without the need to fill in IHT400 if there is no IHT to pay. Your fathers estate is well within the limits that require only the probate forms. 

gonefishing

This certainly reaffirms our understanding - thank you.

longwalks1

Keep_pedalling said:

If your mother left everything to your father then her transferable NRB is available in full £325k not £100k, so had he died last year you would only have needed to fill in IHT250 not IHT400.

IHT205 is now obsolete and the transferable residential NRB can also be claimed under the new system without the need to fill in IHT400 if there is no IHT to pay. Your fathers estate is well within the limits that require only the probate forms. 

Apologies to the OP, gonefishing for hijacking your thread.  I saw Keep_pedalling’s reply regarding not needing form IHT400.  

The total estate value for ours falls well below the £1m mark (when using deceased spouses transferable NRB). Does this mean we wouldn’t need to complete form IHT400?