Inheritance Form IHT400

courtenay62

Hi, has anyone got experience of completing IHT 400 and associated Schedules?
I'm in the process of completing IHT400 and have hit problems.  At Box 49 it refers to Jointly owned assets (Schedule IHT404, box 5).  But there is no Box 5 in IHT404!  Similarly at Box 50 it refers me to IHT404 Box 10, but again, it doesn't exist.

I'm sure these Forms are the latest versions, so at a loss to know what to do, any ideas?

SnowMan

courtenay62 said:

Hi, has anyone got experience of completing IHT 400 and associated Schedules?
I'm in the process of completing IHT400 and have hit problems.  At Box 49 it refers to Jointly owned assets (Schedule IHT404, box 5).  But there is no Box 5 in IHT404!  Similarly at Box 50 it refers me to IHT404 Box 10, but again, it doesn't exist.

I'm sure these Forms are the latest versions, so at a loss to know what to do, any ideas?

Box 5 and 10 do seem to exist on the IHT404. See this extract showing box 5 for example, which also tells you to copy it across to the IHT400. Are you mixing up the numbering of the sections with the green shaded boxes on the right?

Runner_Duck

Box 5 in the latest IHT404 form is on page 3, bottom right, similarly Box 10 at the foot of Page 5. I think you could be confusing question numbers with box numbers.

courtenay62

Ah, yes, I am!  Thank you, silly mistake.

Could I just ask another question - the IHT400 page 6 48a and 48b refer to the IHT400 'Calculation'. What or where is this?

SnowMan

courtenay62 said:

Ah, yes, I am!  Thank you, silly mistake.

Could I just ask another question - the IHT400 page 6 48a and 48b refer to the IHT400 'Calculation'. What or where is this?

It's from the 'Inheritance Tax account Calculation (IHT400 calculation)' form which can be found here (fourth one down)

https://www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400

But note that the 'Inheritance Tax account Calculation (IHT400 calculation)' form is only required in some very limited circumstances when the Simple Inheritance Tax calculation form is not suitable (see page 12 of the main IHT400 for when that might be the case).

Successive charges relief (the 48a question) only applies when the deceased themselves received an inheritance in the 5 years before death from an estate where inheritance tax was paid.

And double taxation relief (the 48b question) only applies where there are foreign assets on which a form of inheritance tax has been paid in that other country

courtenay62

Great, thank you once again!  Indeed NO was the answer to both. 

I wonder if you could caste your eye over a much bigger question I've posted earlier, see also in "deaths, funerals and probate", entitled Inheritance tax calculator.  I'd posted the last two pages from the Gov.UK IHT Calculator showing the answers I'd made and then the IHT Result saying I need to pay it.  I just wanted confirmation, based on specific information I'd given at the start of the thread, that the sum due would be the "result" figure, less the NRB (£325k) less the RNRB (£175k), x 40%?