Reporting or not reporting IHT

rockybertie

Hi on a simple estate of 525k where 500 k is a property left to 2 sons of deceased 
where there is a 41k debt to pay leaving a net of 484k the inheritance tax checker tool says No tax to pay , BUT do you still have to send in form IHT 400 &IHT 435 to obtain probate as 325k is limit before exemption 
thank you in advance for any help 

Keep_pedalling

What was the marital status of the deceased? If they were widowed you can probably avoid the IHT return using the transferable NRB.

rockybertie

Widowed 14 years ago , wouldn’t need NRB from deceased as leaving to direct descendants sons so threshold 500 k anaway , more about reporting yes /no when you apply for probate ? All changed when they scrapped IHT205 ?? In 2022 I think 

Keep_pedalling

Claiming the transferable NRB is the better option as doing that avoids having to do an IHT return. The only way to claim either of the residential NRBs is by doing a full IHT return before you can apply for probate. 

rockybertie

Ok so in essence got to submit a notification either way if you over 325 k then I think that’s what you mean ? To get code for probate 

Keep_pedalling

rockybertie said:

Ok so in essence got to submit a notification either way if you over 325 k then I think that’s what you mean ? To get code for probate 

No I don’t mean that,  you don’t need to supply anything to HMRC, you just apply for probate so you can sell the house. The probate form asked you if you want to claim the transferable NRB. 

rockybertie

Aaaaahhhhh I see I asked because I got to apply online question on probate who’s was are you submitting forms 400 435 or none , and thought hang on a minute, !!!!! So the next bit will be put the basics in job done , should have followed my conviction got a bit old and cautious now , thank you for your patience and answers