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IHT405 – Houses, land and buildings

The IHT405 form is used to provide details of the houses, land and buildings or interests in land and buildings owned by the deceased using the IHT405 with form IHT400. If you have a professional valuation, you should attach a copy of this to the form.
What is the IHT405 form?

The IHT405 form is a form that is used to claim relief from IHT on assets that have been transferred abroad. Specifically, the form is used to claim relief under double taxation treaties that the UK has entered into with other countries. The form is also used to provide details of any foreign assets that are liable to IHT.

When is the IHT405 form required?

The IHT405 form is required if the estate includes any assets that are situated outside the UK, or if the deceased person was not domiciled in the UK. In general, a person is considered to be domiciled in the UK if they have their permanent home in the UK. However, there are complex rules governing domicile, and it is important to seek professional advice if there is any doubt about a person’s domicile status.

If the estate includes assets that are situated outside the UK, or if the deceased person was not domiciled in the UK, the IHT405 form must be completed and submitted with the IHT400 form. The IHT400 form is the main form that is used to calculate and report the value of the estate, and to calculate the amount of IHT that is due.

How to complete the IHT405 form

The IHT405 form is divided into several sections, each of which requires specific information to be provided. The following is a step-by-step guide to completing the form:

Section 1: Personal details

The first section of the form requires the personal details of the deceased person to be provided. This includes their full name, address, date of birth, and date of death. If the deceased person was not domiciled in the UK, their domicile status should also be indicated.

Section 2: Executors

The second section of the form requires the details of the executor or administrator of the estate to be provided. This includes their full name, address, and contact details. If there is more than one executor, the details of all executors should be provided.

Section 3: Assets situated outside the UK

The third section of the form is used to provide details of any assets that are situated outside the UK. This includes property, bank accounts, investments, and any other assets that are located outside the UK. For each asset, the following information should be provided:

  • The nature of the asset
  • The value of the asset
  • The country in which the asset is located
  • The date of death value of the asset (i.e. the value of the asset at the date of death)

Section 4: Foreign tax

The fourth section of the form is used to provide details of any foreign tax that has been paid on the assets that are situated outside the UK. This includes any inheritance tax or estate tax that has been paid in the country in which the asset is located. For each asset, the following information should be provided:

  • The nature of the asset
  • The value of the asset
  • The country in which the asset is located
  • The amount of foreign tax that has been paid on the asset

Section 5: Relief under double taxation treaties

The fifth section of the IHT405 form is used to claim relief under double taxation treaties that the UK has entered into with other countries. This section is only applicable if the deceased person was not domiciled in the UK, or if the assets are situated outside the UK.

Double taxation treaties are agreements between two countries that are designed to prevent taxpayers from being taxed twice on the same income or asset. The UK has entered into double taxation treaties with many countries, including the United States, Canada, and Australia.

To claim relief under a double taxation treaty, the following information must be provided:

  • The name of the country in which the asset is located
  • The article of the double taxation treaty that provides for relief from IHT
  • The value of the asset
  • The amount of IHT that would be payable in the country in which the asset is located
  • The amount of relief that is being claimed

Declaration

The final section of the IHT405 form is a declaration, which must be signed and dated by the executor or administrator of the estate. By signing the declaration, the executor or administrator is confirming that the information provided on the form is correct to the best of their knowledge and belief.

Submitting the IHT405 form

Once the IHT405 form has been completed, it should be submitted along with the IHT400 form. The IHT400 form is the main form that is used to calculate and report the value of the estate, and to calculate the amount of IHT that is due.

It is important to note that the IHT405 form should be submitted within 12 months of the date of death. If the form is not submitted within this timeframe, HM Revenue and Customs (HMRC) may impose penalties and interest charges.

The IHT405 form is an important form that must be completed if the estate includes any assets that are situated outside the UK, or if the deceased person was not domiciled in the UK. The form is used to claim relief from IHT on assets that have been transferred abroad, and to provide details of any foreign assets that are liable to IHT.

Completing the IHT405 form can be complex, and it is important to seek professional advice if there is any doubt about how to complete the form. It is also important to ensure that the form is submitted within 12 months of the date of death to avoid penalties and interest charges from HMRC.

Are you looking for help to complete the IHT400 form? Give DIY Probate a call on 0116 2795044, and we’ll be happy to help.

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