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As noted in Practice Note: IHT400 completion tips, where the reduced rate of inheritance tax (IHT) is being claimed, the personal representatives (PRs) should answer ‘yes’ in box 109 of the IHT400 and complete schedule IHT430.
For information on the reduced rate, the calculations required and how it is claimed, see Practice Note: IHT—reduced (36%) rate for estates leaving 10% or more to charity. In particular, note that the baseline amount is the net value for IHT purposes of the assets comprised in each component after deduction of exemptions and reliefs, following which the value of assets in the component to which the charity exemption applies is added back in. The exemptions and reliefs that are deducted include the basic nil rate band (NRB) and transferable NRB but not the RNRB nor the transferable RNRB.
The section: ‘Wider issues’, subsection ‘Residence nil rate band’ of Practice Note:
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