The following Private Client guidance note provides comprehensive and up to date legal information covering:
There are various immediate steps that the family members, personal representatives (PRs) and their advisers will need to take following an individual's death, such as reviewing the deceased's Will (if available) and making funeral arrangements. From an inheritance tax (IHT) perspective, the PRs will then need to ascertain the deceased's assets and liabilities and assess whether the estate is likely to be subject to IHT. For further information on the immediate steps for PRs and their advisers following an individual's death, see: Immediate steps following death—overview.
Where IHT is likely to be due on an estate following death, the PRs should apply for an IHT reference either online or by post using Form IHT422. As the IHT reference may take up to three weeks to be issued, this is often one of the first steps for a practitioner to take when working in the administration of a non-exempt estate.
The IHT reference is sent out by HMRC by post, along with a payslip and pre-addressed envelope. The IHT reference will need to be quoted in the IHT400 and schedules, on any payments of IHT and in future correspondence with HMRC.
Where the estate is subject to IHT and does not qualify for a reduced IHT account, the PRs must prepare
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