inheritance

Form PA1

This is the form that you need should you wish to obtain a grant of probate personally. You can obtain the form and guidance by calling the Probate and Inheritance Tax Helpline on 0845 30 20 900 or it can be downloaded from here. The HM Revenue & Customs website is also worth a visit where there is much information available – www.hmrc.gov.uk.

IHT 400

This account is required where there is inheritance tax payable. Generally inheritance tax is payable on estates where the value of the estate exceeds £325,000 and there are no reliefs or exemptions available.

Form IHT 205

This is the form to use when the estate is what is known as an ‘excepted estate’ and there is no inheritance tax to pay. Generally the estate will be excepted where:

  • the value of the estate does not exceed £325,000
  • the deceased leaves everything above £325,000 to a spouse or registered civil partner or to charity and the value of the estate does not exceed £1,000,000. If the estate exceeds £1,000,000 the IHT400 needs to be completed.
  • the estate does not exceed £650,000 and it is possible to use 100% of the tax free sum of a late spouse or registered civil partner in which case form IHT217 also needs to be completed.

Form IHT 207

This is the form to use where someone has died with their permanent home abroad but leaving assets in the United Kingdom. It can only be used where the assets consist of cash or quoted stocks and shares the gross value of which does not exceed £150,000. If there are other assets and/or the value exceeds £150,000 then the IHT400 needs to be completed.