C1 Form help please

McTaffy123

Hi all,
We've had our C1 form rejected and I followed all the screenshots on here for inventory/wording etc so I think it's the inheritance tax bit that I've got wrong. Can someone please advise?

The estate is below the threshold for inheritance tax and we don't need to pay any, but how do I fill this section out to reflect that? What amounts do I need to be entering in 23-25, if any?

buddy9

Failure to complete boxes 23 to 25 would be a reason for the form to bounce.

In many cases box 23 will have the same value as the gross value for confirmation (box 11). But where, for example, there are items such as non-exempt gifts, or property which passes by survivorship, the total could be greater than box 11.

Box 24 value is the box 23 value minus funeral costs and liabilities.  Where box 23 is the same as box 11, box 24 is likely to be the same as box 15.

Bob 25 value is the value of box 24 minus any of the estate that passes to a surviving spouse or to a qualifying charity. Where a surviving spouse inherits everything, the NQV will be zero.

If you want any of the C1 looked at, you could post a redacted copy.

McTaffy123

buddy9 said:

Failure to complete boxes 23 to 25 would be a reason for the form to bounce.

In many cases box 23 will have the same value as the gross value for confirmation (box 11). But where, for example, there are items such as non-exempt gifts, or property which passes by survivorship, the total could be greater than box 11.

Box 24 value is the box 23 value minus funeral costs and liabilities.  Where box 23 is the same as box 11, box 24 is likely to be the same as box 15.

Bob 25 value is the value of box 24 minus any of the estate that passes to a surviving spouse or to a qualifying charity. Where a surviving spouse inherits everything, the NQV will be zero.

If you want any of the C1 looked at, you could post a redacted copy.

Many thanks! I'll get that filled in and will post a redacted copy before sending away again on Monday!

McTaffy123

Hi @buddy9 - would you mind checking my screenshots to see if I've done it correctly? 

buddy9

Some comments and suggestions.

Here is a suggested rearrangement of para 2. (Assumes there are no changes to names and addresses stated in the will).

That I am

the daughter and executrix-nominate of the said deceased conform to the will dated 26th August 2016 which is exhibited herewith, signed and docquetted as relative hereto.

If you then describe yourself as executrix, then also select executrix in para 3.

Pen through the words   along with the said   in para 3.

I would give more detail in the RBS entry. Branch address if branch based accounts. 

The inventory should be a full account of the estate, not merely a list of those items that need confirmation before they can be ingathered. An inventory with only a bank account entry might suggest that an inventory is incomplete, but obviously depends on circumstances.

McTaffy123

buddy9 said:

Some comments and suggestions.

Here is a suggested rearrangement of para 2. (Assumes there are no changes to names and addresses stated in the will).

That I am

the daughter and executrix-nominate of the said deceased conform to the will dated 26th August 2016 which is exhibited herewith, signed and docquetted as relative hereto.

If you then describe yourself as executrix, then also select executrix in para 3.

Pen through the words   along with the said   in para 3.

I would give more detail in the RBS entry. Branch address if branch based accounts. 

The inventory should be a full account of the estate, not merely a list of those items that need confirmation before they can be ingathered. An inventory with only a bank account entry might suggest that an inventory is incomplete, but obviously depends on circumstances.

Thank you for your help, I really appreciate it.

In the will it says executor, despite it being my Mum (a female!) that's the executor.. is it right to still use executor instead of executrix or should we use executrix?

Am I right in thinking if we do an inventory of house contents we can value around £500, as some others have done? There's no property, just bank accounts and contents of the home (nothing of value).

buddy9

I think you could use executor or executrix

An entry 'household contents -value estimated by executor' could have a modest value