IHT400 Notes : Guide to completing your Inheritance Tax account

Contents
IHT400 Notes
What to do after you have filled
in form IHT400
Form IHT421 Probate Summary – England,
Wales and Northern Ireland 56
Form C1 Inventory – Scotland 56
When you have filled in and signed all
the forms 56
When you must send us form IHT400
before doing anything else 56
Which office to use 56
Where do I get information about Probate? 56
What if I want you to work out the tax
for me? 56
What happens when I get a grant? 56
The Inheritance Tax on the estate
may change 57
Provisional estimates 57
You must tell us about other changes
to the estate 57
Applying for a grant in
— England and Wales – if you are a taxpayer
or solicitor working out the tax 58
— Scotland – if you are a taxpayer or solicitor
working out the tax 59
— Northern Ireland – if you are a taxpayer or
solicitor working out the tax 59
— England and Wales – without the help of a
solicitor and you want us to work out the
tax for you 60
— Scotland – without the help of a solicitor
and you want us to work out the tax
for you 61
— Northern Ireland – without the help of a
solicitor and you want us to work out the
tax for you 62
Paying Inheritance Tax
Payment in advance 63
Electronic transfer (CHAPS/Bacs) 63
Payment by cheque 63
Bank Giro Credit 64
National Savings & Investments products
Paying tax by transferring assets instead
64
of money 64
Guide to completing your Inheritance Tax account
What happens if listed shares or land and
buildings are sold for less than their value? 64
How to make sure there is no more
tax to pay 64
How to value the assets
What value to use 65
Estimating a value 65
Stocks and shares 65
Stock Exchange markings 67
National Savings & Investments 67
Household and personal goods 68
Land and buildings 68
Valuing a business 70
Lloyd's Underwriters 71
Valuing money 71
Exemptions and reliefs
Exemptions that only apply to lifetime gifts
Exemptions that apply to lifetime gifts and
72
transfers on death 72
Qualifying charities 73
Gifts for national purposes 73
National Heritage exemptions 73
Gifts to political parties
Reliefs that may apply to lifetime gifts and
73
transfers on death 73
Other reliefs 73
Taper Relief 74
Fall in value relief 74
Where to include items in
the estate 75
IHT400 feedback form 77
Contacts 79
More information 80