The following Private Client guidance note provides comprehensive and up to date legal information covering:
This Practice Note considers compliance and accountability to inheritance tax (IHT) on an individual's estate on death, including:
accountability—the personal representatives' (PRs) duty to deliver an IHT account to HMRC
PRs' duty to make enquiries and give correct information to HMRC
reduced Form IHT400
Form IHT205 for excepted estates
Form IHT207 for excepted estates of foreign domiciliaries, and
other cases where an IHT account need not be delivered
PRs' duty to deliver corrective accounts when valuations are amended or additional assets or liabilities come to light
penalties and interest
For information on IHT compliance for trusts, see Practice Note: Trusts—IHT returns and tax compliance.
For information on the timing for filing and payment of IHT following an individual's death, see Practice Notes: IHT—payment deadlines on death and IHT—time limits for filing returns and paying tax—table.
For information on the valuation of estate assets, see Practice Note: IHT—valuation principles and particular types of property.
In most circumstances, PRs cannot obtain a grant until they have delivered an IHT account to HMRC giving full details of appropriate property and its value to the best of their knowledge and belief, and payment of the appropriate IHT and interest has been confirmed by the provision of a stamped IHT421. For further information on this procedure,
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