When do I have to complete form IHT400?

Life presents us with many challenges. And so, sadly, does death. At a time when we are struggling to come to terms with the loss of a loved one, we must also deal with the red tape.

Stripping away the emotion, we have to reduce the deceased’s life to numbers. To us, he or she may have been a parent or a child. But to the taxman, his or her life is reduced to a value on a form. It may seem brutal but that is the reality.

If the estate reaches the inheritance tax threshold of £325,000, or £650,000 for a married couple if the first to die leaves everything to their spouse, Her Majesty’s Revenue and Customs (HMRC) demands that form IHT400 is filled in. It requires a detailed list of everything that the dead person owned and owed.

The ever helpful HMRC are happy to do the actual calculations for you. If inheritance tax is due, the application for probate form PA1 and the probate summary form IHT421, which details the assets, should be sent to the probate registry with the will and the death certificate.

For expert help with the probate process, contact Heritage Will Writing on 02380 879243.