IHT400 form some questions please

Walker5163

Hi all.

Now starting the horrible task of sorting out my late father’s (my last remaining parent) estate. It’s made up mainly of a house (paid) which my brother and I are currently living in and intend to stay in for a while, money in bank accounts, some stocks and shares, and a cash ‘gift’ which was given to my brother and I less then seven years ago. 

There will be IHT to pay and I have just applied for the tax reference number.

I know I can’t submit the IHT400 until my ref number is back but I’m starting to get it filled out. So far a few questions I have :

Household and personal goods (34)

my father didn’t have any personal items of real Value. He didn’t drive. Sadly we were burgled a few years ago and all family jewellery was taken which would’ve made up any valuable items. 

Do I need to include furniture, electronics, oven, fridge, washing machine etc…. Again nothing of real value, no antiques. Nothing was new apart from his TV which was bought maybe six months before he passed, worth maybe £150. What would you advise I write? 

Interest in another estate (42)

My mum passed away a few years before my dad. She had a Will and everything passed to my dad. There were some shares on her name which were not fully transferred to his name before he passed. Would I need to fill in the ‘Interest in another estate’ schedule or just proceed as if the stocks belonged to my father (I hope that makes sense.) 

I am sure there will be other questions as I move along the forms.

Thank you in advance. 

Keep_pedalling

Walker5163 said:

Hi all.

Now starting the horrible task of sorting out my late father’s (my last remaining parent) estate. It’s made up mainly of a house (paid) which my brother and I are currently living in and intend to stay in for a while, money in bank accounts, some stocks and shares, and a cash ‘gift’ which was given to my brother and I less then seven years ago. 

There will be IHT to pay and I have just applied for the tax reference number.

I know I can’t submit the IHT400 until my ref number is back but I’m starting to get it filled out. So far a few questions I have :

Household and personal goods (34)

my father didn’t have any personal items of real Value. He didn’t drive. Sadly we were burgled a few years ago and all family jewellery was taken which would’ve made up any valuable items. 

Do I need to include furniture, electronics, oven, fridge, washing machine etc…. Again nothing of real value, no antiques. Nothing was new apart from his TV which was bought maybe six months before he passed, worth maybe £150. What would you advise I write? 

Interest in another estate (42)

My mum passed away a few years before my dad. She had a Will and everything passed to my dad. There were some shares on her name which were not fully transferred to his name before he passed. Would I need to fill in the ‘Interest in another estate’ schedule or just proceed as if the stocks belonged to my father (I hope that makes sense.) 

I am sure there will be other questions as I move along the forms.

Thank you in advance. 

For household items you can but down a nominal amount for the lot, £500 for example.

No your mums shares do not count as interest in another estate, they are part of his despite them not being transferred. Did you get probate for her estate? If not you may need it to sell or transfer them.

Walker5163

Keep_pedalling said:

Walker5163 said:

Hi all.

Now starting the horrible task of sorting out my late father’s (my last remaining parent) estate. It’s made up mainly of a house (paid) which my brother and I are currently living in and intend to stay in for a while, money in bank accounts, some stocks and shares, and a cash ‘gift’ which was given to my brother and I less then seven years ago. 

There will be IHT to pay and I have just applied for the tax reference number.

I know I can’t submit the IHT400 until my ref number is back but I’m starting to get it filled out. So far a few questions I have :

Household and personal goods (34)

my father didn’t have any personal items of real Value. He didn’t drive. Sadly we were burgled a few years ago and all family jewellery was taken which would’ve made up any valuable items. 

Do I need to include furniture, electronics, oven, fridge, washing machine etc…. Again nothing of real value, no antiques. Nothing was new apart from his TV which was bought maybe six months before he passed, worth maybe £150. What would you advise I write? 

Interest in another estate (42)

My mum passed away a few years before my dad. She had a Will and everything passed to my dad. There were some shares on her name which were not fully transferred to his name before he passed. Would I need to fill in the ‘Interest in another estate’ schedule or just proceed as if the stocks belonged to my father (I hope that makes sense.) 

I am sure there will be other questions as I move along the forms.

Thank you in advance. 

For household items you can but down a nominal amount for the lot, £500 for example.

No your mums shares do not count as interest in another estate, they are part of his despite them not being transferred. Did you get probate for her estate? If not you may need it to sell or transfer them.

Thanks for replying. Ok I’ll probably put £1000/£1500 to be on the safe side, I really don’t want them coming back and questioning everything. 

Yes we went through probate for mum, I still have sealed Grant of probate certificates if needed. So I just continue as if the shares now belong to him? Do I give the value of shares on the date of his death or mums? Sorry for silly questions and thank you for your time. 

Keep_pedalling

Walker5163 said:y

Keep_pedalling said:

Walker5163 said:

Hi all.

Now starting the horrible task of sorting out my late father’s (my last remaining parent) estate. It’s made up mainly of a house (paid) which my brother and I are currently living in and intend to stay in for a while, money in bank accounts, some stocks and shares, and a cash ‘gift’ which was given to my brother and I less then seven years ago. 

There will be IHT to pay and I have just applied for the tax reference number.

I know I can’t submit the IHT400 until my ref number is back but I’m starting to get it filled out. So far a few questions I have :

Household and personal goods (34)

my father didn’t have any personal items of real Value. He didn’t drive. Sadly we were burgled a few years ago and all family jewellery was taken which would’ve made up any valuable items. 

Do I need to include furniture, electronics, oven, fridge, washing machine etc…. Again nothing of real value, no antiques. Nothing was new apart from his TV which was bought maybe six months before he passed, worth maybe £150. What would you advise I write? 

Interest in another estate (42)

My mum passed away a few years before my dad. She had a Will and everything passed to my dad. There were some shares on her name which were not fully transferred to his name before he passed. Would I need to fill in the ‘Interest in another estate’ schedule or just proceed as if the stocks belonged to my father (I hope that makes sense.) 

I am sure there will be other questions as I move along the forms.

Thank you in advance. 

For household items you can but down a nominal amount for the lot, £500 for example.

No your mums shares do not count as interest in another estate, they are part of his despite them not being transferred. Did you get probate for her estate? If not you may need it to sell or transfer them.

Thanks for replying. Ok I’ll probably put £1000/£1500 to be on the safe side, I really don’t want them coming back and questioning everything. 

Yes we went through probate for mum, I still have sealed Grant of probate certificates if needed. So I just continue as if the shares now belong to him? Do I give the value of shares on the date of his death or mums? Sorry for silly questions and thank you for your time. 

The value will be based on the date of his death. 

There are no silly questions so feel free to ask away.

Savvy_Sue

Walker5163 said:

Thanks for replying. Ok I’ll probably put £1000/£1500 to be on the safe side, I really don’t want them coming back and questioning everything. 

Honestly, unless it's apparent you lived in some grand stately pile with Sheraton chairs and Louis XIV candelabra, no-one's going to ask any questions. I know you're not clearing the house ready to sell, but if you were, you'd probably end up paying to dispose of some of the furniture, with the rest going to charity if you're lucky. 

Obviously if there are any valuable works of art on the walls, or stamp collections in the sideboard, it is a minimal value for the contents of the average house, and HMRC know this. Oh, our solicitor did check with us that there were no private jets or collections of cars in the estate ... 

tetrarch

With regard to the shares. I have been dealing with a very similar situation where my late FIL's shares (died 2016) were not transferred to my (now) late MIL's name. The advice above from keep_pedalling is spot on.

Were the share nominees notified of the previous death?

IF the nominees (normally Equiniti) have been told of your late Father's passing then they may try to charge some (in my view) egregious fees and (IMO) deliberately mislead you as to the amount of money due from withheld dividends.

I have had an extremely vexatious interaction with Equiniti. They haven't told any outriight lies, but getting to the full truth has been difficult

Regards

Tet