IHT400 Notes : Guide to completing your Inheritance Tax account

Contents
Introduction
IHT400 Notes
What is in this guide? 1
What we have sent you 1
When you may not need to fill in form IHT400 1
Grants of representation
When form IHT400 need not be filled
4
in completely
Delivering a reduced account when there is
4
no tax to pay 5
Death on active service
What do I need to fill in if I can send a
5
reduced form IHT400? 6
Changes to the administration of an estate 7
Inheritance Tax and the grant 7
Wartime compensation payments 7
When must I send in the form? 8
Who to contact and why 8
What values to include 9
Documents you must keep
Getting started – how to fill in your
9
Inheritance Tax account 9
Instruments of variation 9
Filling in form IHT400 (pages 1 to 5)
Deceased's details, pages 1 and 2 10
If the deceased was domiciled in Scotland
at the date of death, page 2 11
Contact details of the person dealing with
the estate, page 3 11
Authority for repayment of Inheritance Tax,
page 3 12
What makes up your Inheritance Tax
account – schedules, pages 4 and 5 12
Definition of a disabled person 16
Filling in the schedules
Introduction 18
Schedule IHT403
Gifts and other transfers of value 18
Schedule IHT404
Jointly owned assets 23
Schedule IHT407
Household and personal goods 26
Guide to completing your Inheritance Tax account
Schedule IHT408
Household and personal goods donated
to charity 26
Schedule IHT409
Pensions 27
Schedule IHT411
Listed stocks and shares 31
Schedule IHT412
Unlisted stocks and shares, and
control holdings 32
Schedule IHT413
Business and partnership interests
and assets 34
Schedule IHT414
Agricultural Relief 37
Schedule IHT418
Assets held in trust 39
Schedule IHT420
National Heritage assets — Conditional
Exemption and maintenance funds 40
Filling in form IHT400 (pages 6 to 16)
Assets on which tax may or may not
be paid by instalments 43
Jointly owned assets, page 6
Assets owned outright by the deceased,
43
pages 6 and 7
Deductions from the estate incurred up to
43
the date of death, pages 8 and 9 49
Dealing with a deficit, page 9 50
Exemptions and reliefs, page 9 50
Exemptions and reliefs, page 10
Other assets taken into account to
51
calculate the tax, page 10 52
Working out the Inheritance Tax, page 11 52
Reduced rate of Inheritance Tax 52
Paying Inheritance Tax by instalments 53
Interest-free instalments 54
Instalments of tax 54
Simple Inheritance Tax calculation 54
Direct Payment Scheme 54
Declaration, page 12 55