IHT400 Notes : Guide to completing your Inheritance Tax account

IHT400 Notes
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Guide to completing your Inheritance Tax account
Farms, farmhouses and farmland
Include in this box the total value of farms, farmhouses and farmland on
which you are deducting Agricultural Relief.
You must also fill in Schedule IHT405 Houses, land, buildings and interests
in land giving full details of the farms, farmhouses and farmland and
Schedule IHT414 Agricultural Relief to deduct Agricultural Relief.
Businesses including farm businesses, business assets and timber
Include the net value of the deceased's interest in a business in
box 69. If the deceased took part in more than one business, you may need
to fill in a separate Schedule IHT413 Business and partnership interests and
assets for each business or partnership. Enter the total value of all the
businesses in the appropriate box.
Farm business
Include in this box any assets that the deceased owned and were still used
by the deceased for farming business activities.
Business property
Include the value of any property owned by the deceased from which they
ran a business, either alone or in partnership (for example, a hotel, a shop,
or a factory). If it was a farming business, include the value of the property
in box 68.
Interest in a business
Include the net value of the deceased’s interest in a business or a farming
business. If the deceased was in partnership, enter the value in box 69.
If the deceased took part in more than one business, you may need to fill in
a separate Schedule IHT413 Business and partnership interests and assets
for each business interest.
Interest in the partnership
Include the net value of the deceased’s interest in a partnership. If the
deceased took part in more than one partnership, you may need to fill in
a separate Schedule IHT413 Business and partnership interests and assets
for each partnership interest.
Business assets
Include here the value of any assets that the deceased owned and were
used by the deceased for business activities.
Timber and woodland
Include the value of any timber and woodland owned by the deceased that
is not part of a farm. Most farms will include coppices, small woods and
belts of trees that shelter the land. Include these with the value for the
farm in box 68.
Other land, buildings and rights over land
Include in this box the value of any other land, buildings or rights over land
not included in boxes elsewhere.
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