Help filling in IHT402 - USERNAME: c-273
Tax Question: My mother has just died and I wish to transfer unused nil rate band from my father who died in 1997 to my mother's IHT/probate. IHT402 Q7 requires the value of my father's estate passing under his will but my father's probate just says: It is hereby certified that it appears from information supplied on the application for this grant that the gross value of the said estate in the United Kingdom does not exceed £180.000 and the net value of such estate does not exceed £25,000. So how do I answer Q7? Similarly, since all my father's assets went to my mother under his will and hence were exempt from IHT, no valuations were performed at the time - either his or their shared assets. So how can I fill out IHT402 Q12 & 13? Answer: In terms of Q7, the actual value of your Fathers estate is not of key importance. It is the proportion of the nil rate band that was used that is the main issue. In your case the previous grant shows that the net value was a maximum of £25,000 and therefore you should be OK to use this amount as the value of his estate. In terms of Qn 12 and 13 -- if all of your Fathers assets went to your Mother these boxes should be left blank. The result is that there would be no chargeable estate (box 16) for your Father and that boxes 17-20 would provide for a full transferable nil rate band. See our IHT calculator and transferable nil rate band calculator at: IHT Calculator Transferable NRB Calculator
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