IHT400 Notes : Guide to completing your Inheritance Tax account

Houses and land
Household goods
Insurance policies
and bonds
How to value
joint property
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IHT400 Notes
Guide to completing your Inheritance Tax account
If the deceased owned any houses or land jointly give details here.
If the deceased was a joint owner of household goods and effects, they
should be included here as joint property. Group the items together in the
same categories and list them in the same order as shown on
Schedule IHT407 Household and personal goods.
If you have deducted any money owed under a joint mortgage in box 2 on
Schedule IHT404 and a policy was assigned to repay the mortgage, include
the value of the deceased's share of the policy proceeds as an asset on
Schedule IHT404 at box 6.
If the deceased was entitled to benefit from a 'joint life and survivor' policy
(see Schedule IHT410 Life assurance and annuities), give the name of the
insurance company, the policy number and the value of the deceased's
interest in the policy on the Schedule IHT404 at box 6. This is a complex
area. To find out more on the subject of life assurance policies go to
www.hmrc.gov.uk/inheritancetax
The rules for valuing joint property are the same as the rules for valuing
assets owned by the deceased alone. For more information about valuing
assets see pages 65 to 71 of this guide. In the case of bank and building
society accounts, stocks and shares find out the whole value and then
include the value of the deceased's share.
Example
The deceased owned a joint account with two other people that was
worth £9,000 at the date of death. They had all contributed equally to
the money in the account. The value of the deceased's share would be
an exact one third of the whole (that is, £3,000).