IHT 403

Forestfreak

I’m trying to fill in IHT 403 - specifically the annual income/expenditure at the end to show there is sufficient money for regular gifts out of income. I can get most of the information from bank statements. Under income there is a box for ‘income tax to be deducted’ - does this mean I have to find the gross pension payments as the bank statements only include the net pension (state and NHS taxed at source)? If I need annual gross and net pension values will HMRC or DWP share this with me as executor?

probate_slave

When I first prepared the final page of IHT403 I used gross figures throughout. On checking with the IHT helpline, it turned out that net figures were required. So if a pension or investment pays net, use that figure. If it pays gross, use the gross figure.

In the box showing "Income Tax paid", I was told to give the final assessed tax due for the year in question. Intuitively, the total of July and January payments still feels more logical, but this was 2010 when the helpline was staffed by knowledgeable people.

Forestfreak

Thanks I phoned the IHT helpline and they didn’t seem too sure but suggested giving the net pension figure would be reasonable. I guess if you have something like rental income you would then put the income tax separately for that.