The following Wills & Probate guidance note provides comprehensive and up to date legal information covering:
The inheritance tax (IHT) may be calculated:
on page 11 of IHT400, if appropriate or
by following the working sheet on 'IHT400 Calculation'
IHT is initially paid in accordance with that assessment.
The IHT400 must be referred to HMRC for assessment of the tax payable:
when the grant is required only for settled land
when payment of the IHT is to be made from the deceased's National Savings & Investments products or British Government Stock. Apply by a letter accompanying the IHT form together with official confirmation of the value of the relevant holdings
where conditional exemption is claimed or an offer in lieu is made
The IHT calculation can be made on IHT400 page 11, boxes 111–117, where the following conditions apply:
the tax due is being paid within six months of the end of the month of death so that no interest is due
no tax is being paid in instalments
the total of lifetime gifts is within the nil rate band
there is no double tax relief on any foreign assets
there is no quick succession relief
Where the conditions to complete IHT400 page 11 are not fulfilled, use 'IHT400 Calculation' to calculate the tax payable.
Add the nil rate band (NRB) at the date of death to any transferable NRB to find the value of
**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.