Please help me with my IHT 205 FORM

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  • Tom99
    Tom99 Posts: 5,371 Forumite
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    GEZ wrote: »
    Hello Money savers
    I have received Grant OF Probate and using it in the next weeks to bring in the assets. Just looking ahead can any one advise me on the scenario if one of the residuary beneficiary wants an interim payment from the estate fund. This is in terms of using form R185 Estate Accounts and how to enter the income from the estate and distributing for example,£5000 as part payment from his share of the whole of the remaining residual account .
    I do hope this makes sense and thank you for reading.GEZ
    If you make a interim payment keep a record in your own 'estate' accounts.
    Form R185 is nothing to do with interim payments. You would use that form is the estate has paid tax on the estate's income. Say the estate received £1,000 interest and paid £200 tax, you would give the beneficiary the net £800 together with R185 to show them that tax had already been paid on that income.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Name Dropper First Anniversary First Post I've helped Parliament
    There is an issue with distributions as it triggers other things in the estate administration to do with any income.

    Last time I looked I could not find the link for it and don't remember the details.
  • charliefarns62
    charliefarns62 Posts: 10 Forumite
    Hi - Just about to start the probate process too, hopefully the straightforward will and estate finances should not cause issues. I anticipate having the same issue as you mentioned here regarding an interim payment request after probate but before a property sale. This would come from frozen and transferred bank account funds which are safely in a separate account. Please keep posting as to how you're getting on with that, be extremely interested to see how you're doing. Many Thanks
  • GEZ
    GEZ Posts: 28 Forumite
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    Hello
    Re- interim payments, if you have any further findings and add to the discussion maybe we can work together how to proceed.

    However,all the kind contributors who have helped me through probate are welcome to share their knowledge.

    Thankyou

    GEZ
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    charliefarns62 wrote: »
    Hi - Just about to start the probate process too, hopefully the straightforward will and estate finances should not cause issues. I anticipate having the same issue as you mentioned here regarding an interim payment request after probate but before a property sale. This would come from frozen and transferred bank account funds which are safely in a separate account. Please keep posting as to how you're getting on with that, be extremely interested to see how you're doing. Many Thanks
    Be very cautious about making interim payments. You need to leave plenty of margin AND to have good reason. You should not favour one beneficiary over another. If in ANY. doubt don’t!
  • GEZ
    GEZ Posts: 28 Forumite
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    HELLO All
    Catching up and at the contract of exchange process relating to the
    property and with luck completion soon.
    During pre-contract enquiries there was the issue of the ownership of the sewer pipes which was owned by the property owner and in 2011 adopted by the Water Authority.
    Then this raised how the purchaser would now be covered by the new legislation when prior to 2011 the seller could build over the sewer pipe as it was owned by him. This has triggered a rise in indemnity polices to cover the lack of build over agreement required to protect the next owner.
    What are your thoughts on this, and feedback if any one else have been effected as a result of this change of law
    Thanks GEZ
  • Keep_pedalling
    Keep_pedalling Posts: 16,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    GEZ wrote: »
    HELLO All
    Catching up and at the contract of exchange process relating to the
    property and with luck completion soon.
    During pre-contract enquiries there was the issue of the ownership of the sewer pipes which was owned by the property owner and in 2011 adopted by the Water Authority.
    Then this raised how the purchaser would now be covered by the new legislation when prior to 2011 the seller could build over the sewer pipe as it was owned by him. This has triggered a rise in indemnity polices to cover the lack of build over agreement required to protect the next owner.
    What are your thoughts on this, and feedback if any one else have been effected as a result of this change of law
    Thanks GEZ

    You might be better off posting this in the house buying renting board.
  • GEZ
    GEZ Posts: 28 Forumite
    First Post First Anniversary Combo Breaker
    How do I post this to the buying and selling forum?
    Thanks GEZ
  • Keep_pedalling
    Keep_pedalling Posts: 16,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    GEZ wrote: »
    How do I post this to the buying and selling forum?
    Thanks GEZ

    Just post a new thread here.

    https://forums.moneysavingexpert.com/forumdisplay.php?f=16
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