IHT Clarification

forextc

Hi. Intending to go the the DIY route for an estate valued at 700K with one benefactor. If transferring unused allowances from the deceased's partner (325,00 + 325,000 + 175,000 + 175,000) would I still need to send the forms to HMRC despite their being no IHT due?

From reading up on this I think the process would still be complete the forms, send to HMRC, wait 20 weeks and then apply for probate?  If someone could confirm my understanding would be very much appreciated!

RAS

You say partner? Was this a spouse or civil partner? As other partners can't transfer IHT allowances.

Is all the £325K allowance from the first deceased is available? Meaning they gifted less than £50k outside the spousal exemption? 

If there's more than £275k left from the first spouse/CP, then you don't need the residential allowance, which makes life a lot easier.

Keep_pedalling

Assuming we are talking about married or civil partner then although there is no IHT to pay a full IHT return is required because with an estate over £650k one of the RNRBs is required and that can only be claimed by doing a return,

forextc

Great, thanks for the fast responses was as I thought. 

Bobziz

"wait 20 weeks and then apply for probate"

Assume this is a typo and should read wait 20 working days ?