Do I or do I not need to fill the IHT205 form?

tasticz

Father passed away in 2020, everything went to mum - all transfers (property name transfer, some money from bank accounts) taken place. I did the self-assessment for my Dad and paid his tax due as it was nominal amount. HMRC sent letter at that time confirming they closed his account. No company asked for probate documents as it was straight forward. I have not filled any inheritance forms so far.

Do I still need to fill the IHT 205 form and get the probate forms for my dad?

What will be required to claim RNRB in future for my mum? Will I need to complete any of my Dads forms at that time if I don't complete now?

I am pretty certain I have asked this before but cannot seem to find my thread.

p00hsticks

tasticz said:

I am pretty certain I have asked this before but cannot seem to find my thread.

This one ?
IHT205 QUESTIONS — MoneySavingExpert Forum

Keep_pedalling

Your father’s estate was an excepted estate no return required now.

If your mother’s estate is below £650k then the best option is to use the transferable NRB rather than any of the RNRBs as that will just require a probate application. If you also need to use either or both the RNRB you will need to do a full IHT return using IHT400 plus all the appropriate supplementary forms. 

tasticz

Keep_pedalling said:

Your father’s estate was an excepted estate no return required now.

If your mother’s estate is below £650k then the best option is to use the transferable NRB rather than any of the RNRBs as that will just require a probate application. If you also need to use either or both the RNRB you will need to do a full IHT return using IHT400 plus all the appropriate supplementary forms. 

Hi Keep,

Thank you for the response.

Can you please confirm I will not need to fill in any documentation in my father name to claim this in future, i.e. no need to get probate, contact hmrc in dad's name? It is just a case of completing the IHT400 with supplementary forms in my mothers name.


The total assets will be over £650k, broken down as follows. Say:

Main Residence - £700k

Additional assets
Second property equity and cash total around - £300k

Total - £1000k (1m)



Does this mean the following:

Main Property Residence relief: £175k (mother)
Main Property Residence relief: £175k (father)

Total main residence relief - £350k

Remaining on main residence = £700k - £350k (relief) = £350k left for main residence

+ £300k for other assets

= £650k 

IHT allowance

Mother (£325k) + Father (£325k - unused) = £650k total allowance remaining

Total asset to be accounted for (£650k) - Remaining allowance (£650k) = £0 

i.e. no inheritence tax due? Is this calculation correct?