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IHT400 Pensions
Scale_Rule
Posts: 75 Forumite
Hello,
Can someone please explain why I have to list the pension amount in box 56 of IHT400? I put it in and it adds it to the value of the estate but pensions are outside of IHT to the best of my knowledge. Should I then list them in the Exemptions and Relief section? Thanks.
Can someone please explain why I have to list the pension amount in box 56 of IHT400? I put it in and it adds it to the value of the estate but pensions are outside of IHT to the best of my knowledge. Should I then list them in the Exemptions and Relief section? Thanks.
Mortgage Due to Start April 2015 - £165,000
Over payment Goal £3,000pa (£250/month)
Over payment Goal £3,000pa (£250/month)
0
Comments
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Generally pensions are not included in the estate except under unusual circumstances. Are you certain that you have completed form IHT409 correctly?Scale_Rule said:Hello,
Can someone please explain why I have to list the pension amount in box 56 of IHT400? I put it in and it adds it to the value of the estate but pensions are outside of IHT to the best of my knowledge. Should I then list them in the Exemptions and Relief section? Thanks.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.1 -
...or could it be that these are amounts actually due to the deceased at the time of their death?HappyHarry said:
Generally pensions are not included in the estate except under unusual circumstances. Are you certain that you have completed form IHT409 correctly?Scale_Rule said:Hello,
Can someone please explain why I have to list the pension amount in box 56 of IHT400? I put it in and it adds it to the value of the estate but pensions are outside of IHT to the best of my knowledge. Should I then list them in the Exemptions and Relief section? Thanks.
Any money that was due to the deceased from a pension scheme, either as a lump sum or arrears payable up to the date they died will be included in box 56 of the IHT400. Source: https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm10063
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
This^^ The vast percentage of pensions will produce a zero value for this box if you fill in IHT 409 correctly.HappyHarry said:
Generally pensions are not included in the estate except under unusual circumstances. Are you certain that you have completed form IHT409 correctly?Scale_Rule said:Hello,
Can someone please explain why I have to list the pension amount in box 56 of IHT400? I put it in and it adds it to the value of the estate but pensions are outside of IHT to the best of my knowledge. Should I then list them in the Exemptions and Relief section? Thanks.1 -
Thanks both, that's cleared it up.Mortgage Due to Start April 2015 - £165,000
Over payment Goal £3,000pa (£250/month)0
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