Completing IHT forms - rounding

Dilbert_Investor

Hi,

Sorry a rather basic question.

I’ve completed the IHT forms ready to send with whole numbers throughout (excluding pence) like the tax self assessment form.

But I now see the tax due box (119) has a space for pence, so now wonder whether i should have included pence in all the answers rather than rounding?

What is the expected format?

Keep_pedalling

You round all asset values with the exception of individual share values, however the amount of tax to be paid will go down to pence. 

Dilbert_Investor

Thanks.  Much appreciated

CalvinHobs

Yes, this is a bit of an anomaly. I completed the PDF version of the IHT400 on my laptop. The PDF version allows you to enter pence in the asset boxes and the form automatically rounds the figure up or down, as necessary. If you click back in the box, the pence are still there, i.e. the original figure before rounding. However, the form calculates IHT based on the rounded figures - but the IHT figure itself includes pence.

Seems unnecessary when the form can do all the calculations. Possibly a hangover from ye olden times?