IHT400 Notes : Guide to completing your Inheritance Tax account

Assets on which tax
may or may not be
paid by instalments
Jointly owned
assets, page 6
Assets owned
outright by
the deceased,
pages 6 and 7
IHT400 Notes
49
and
50
51
Guide to completing your Inheritance Tax account
Filling in form IHT400 (pages 6 to 16)
— estate in the UK
You must fill in pages 6 to 10 with details of all the deceased's assets and
liabilities. These pages are divided into two columns labelled column A
and column B. The Inheritance Tax on all assets shown in column A must
be paid before you can get a grant of representation (or confirmation
in Scotland). The Inheritance Tax on assets in column B may be paid
in 10 annual instalments (that is, one instalment each year for 10 years)
provided that the assets concerned have not been sold. You will have to
pay interest on the instalments.
After you have filled in pages 6 to 10 you will be able to decide, at box 110,
if you wish to pay the tax on the assets in column B by instalments.
You must include the value of the deceased's share of all jointly owned
assets in boxes 49 and 50. You will also need to give full details of these on
Schedule IHT404 Jointly owned assets. There is more information about
jointly owned assets on page 23 of this guide.
You must include the value of all the assets described in boxes 51 to 76
that were owned in the UK by the deceased in their own name when
they died.
Deceased's residence (except farmhouses and jointly owned houses)
Include the value of the deceased's home.
If the deceased’s home is a farmhouse on which you are deducting
Agricultural Relief, do not include it here. Include it at box 68 instead.
If the deceased had moved to a nursing or other residential home before
they died and their home was vacant, include the value of the house here
and not box 70. If the deceased's residence was let at the date of death,
include it at box 70 and not at box 51.
You must also fill in Schedule IHT405 Houses, land, buildings and
interests in land giving full details of the deceased’s home if it was let,
or a farmhouse. If the deceased's residence was jointly owned, include it in
box 49 and fill in IHT404 Jointly owned assets.
43