Looking at IHT400 in more detail
Dymphna60
Posts: 196 Forumite
Completed IHT400 together with co executor. No solicitor.
Letter this afternoon says form IHT421 has been sent to the probate registry so you can get your grant .
Also says we will now look at your form IHT 400 in more detail.
This is making me so anxious.
I got Chartered property surveyor report for property . Read the exact words to him . Full market value for inheritance tax ect .
Told no lies . Overestimate if anything. Included every bit of information I could .
It was my partner ( but not under the law ) that died .
What are they looking at and why.
I feel like a criminal .
Already so anxious since he died . Inquest to go to in a couple of weeks.
Do many people get this letter?
Letter this afternoon says form IHT421 has been sent to the probate registry so you can get your grant .
Also says we will now look at your form IHT 400 in more detail.
This is making me so anxious.
I got Chartered property surveyor report for property . Read the exact words to him . Full market value for inheritance tax ect .
Told no lies . Overestimate if anything. Included every bit of information I could .
It was my partner ( but not under the law ) that died .
What are they looking at and why.
I feel like a criminal .
Already so anxious since he died . Inquest to go to in a couple of weeks.
Do many people get this letter?
0
Comments
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It is fairly standard. HMR&C have an obligation to check the application to see that any errors or omissions are spotted so that the correct amount of IHT, if any, is paid. It is not a quick process. Not all are examined in great detail but those close to the borderline where IHT is payable than those well below.Completed IHT400 together with co executor. No solicitor.
Letter this afternoon says form IHT421 has been sent to the probate registry so you can get your grant .
Also says we will now look at your form IHT 400 in more detail.
This is making me so anxious.
I got Chartered property surveyor report for property . Read the exact words to him . Full market value for inheritance tax ect .
Told no lies . Overestimate if anything. Included every bit of information I could .
It was my partner ( but not under the law ) that died .
What are they looking at and why.
I feel like a criminal .
Already so anxious since he died . Inquest to go to in a couple of weeks.
Do many people get this letter?0 -
Inheritance tax calculated and paid .
Have slightly overpaid if they accept all the information and valuations.
Wondered if anyone knew what percentage are looked at as timeline suggests that not all are looked at in more detail.0 -
Impossible to say. HMR&C have their own rules but I doubt anyone outside really knows.Inheritance tax calculated and paid .
Have slightly overpaid if they accept all the information and valuations.
Wondered if anyone knew what percentage are looked at as timeline suggests that not all are looked at in more detail.0 -
If they have given the OK for the grant they must think it is broadly OK after a once over.
Once you have the grant you can get on with the job.
If any estimates are off you can update HMRC when ready.0 -
[FONT=Verdana, sans-serif]Sounds like you got a bog standard letter so I would not get wound up about it.[/FONT]
[FONT=Verdana, sans-serif]Expect them to take several/many months to give you a clearance letter to say no further enquiries will be made.[/FONT]
[FONT=Verdana, sans-serif]Its not essential, but since you say you think you have paid all IHT due you could send them a IHT30 Application For Clearance Certificate. It may jog them along a bit and will give you something to chase up on the phone.[/FONT]
[FONT=Verdana, sans-serif]If there is a house or other valuable asset which you subsequently sell for more than the probate value you have returned, then hang on to at least 40% of the excess in the estate until you have the all clear the original figures have been agreed.[/FONT]0 -
Thanks . Suppose I hoped others that had same worded letter would tell me what happened with them . I am well aware that what happens to one person is not what would happen to another. As I said I am just really anxious because it’s the way I am . Not helped by the circumstances of my partners death .
I have read everything official I can find on IHT . I know from April HMRC have improved their timeline so a date is included after which if I have heard nothing else I can conclude they are happy with matters.
On a slightly different matter on reading the current notes for agents on completing IHT400. (I am not an agent but I read everything) it says solicitors should advise their clients on whole life financial records as HMRC may want 25 years . I have twice made wills and once consulted on another financial matter without this being mentioned. Anyone’s solicitor talked to them ? This is ordinary not rich people .0 -
25 years?!! Few people could do that an seven is usually the time records have to be kept,Thanks . Suppose I hoped others that had same worded letter would tell me what happened with them . I am well aware that what happens to one person is not what would happen to another. As I said I am just really anxious because it’s the way I am . Not helped by the circumstances of my partners death .
I have read everything official I can find on IHT . I know from April HMRC have improved their timeline so a date is included after which if I have heard nothing else I can conclude they are happy with matters.
On a slightly different matter on reading the current notes for agents on completing IHT400. (I am not an agent but I read everything) it says solicitors should advise their clients on whole life financial records as HMRC may want 25 years . I have twice made wills and once consulted on another financial matter without this being mentioned. Anyone’s solicitor talked to them ? This is ordinary not rich people .0 -
25 years if HMRC ever want to do a full tax investigation on you .
Like most people my tax affairs are simple . Paye . A couple of bank accounts so unlikely to happen.0 -
It would be interesting to know how they would do that as the banks don't keep records that old nor do most companies.25 years if HMRC ever want to do a full tax investigation on you .
Like most people my tax affairs are simple . Paye . A couple of bank accounts so unlikely to happen.0 -
Or people. DWP asked me to go back to 2003, 2010 eg just over the 7 years was the best I could do. They can ask but would seem to be ona hiding to nothing and getting worse as the new data protection rules actively encourage institutions to remove data after 7 years, rather than just leaving it for random periods as they used to.
I would, think in OPs case there's some idiotic reason they investigating this be it a one in ten audit or a mindless look at something such as Op seem very rich but that's because value of a house is taken into account when it wasnt when income tax was being paid.
Let us know how it works out OP and my commiserations.0
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