The following Private Client guidance note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed during the coronavirus (COVID-19) pandemic, certain rules relating to the signature and submission of IHT returns and related deadlines and penalties have been relaxed. See: Inheritance tax account (IHT400). For updates on key developments and related practical guidance on the implications of coronavirus for practitioners, see: Practice Note: Coronavirus (COVID-19)—Probate, Coronavirus (COVID-19) and Private Client—overview and Coronavirus (COVID-19) toolkit.
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
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.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.