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IHT409 – Pensions

The IHT409 form is used when the deceased made provision for a pension in addition to a State pension. This could be either from a previous employer or a personal pension. The form should be completed whether or not any scheme payments are liable to Inheritance Tax.

The IHT409 form, also known as the “Probate Summary and Return” form, is a form that provides a summary of the assets and liabilities of the deceased’s estate. It also includes details of any gifts made by the deceased in the seven years before their death, which may be subject to Inheritance Tax.
Most deceased people with a chargeable estate will have made some private pension provision. It would therefore be unusual not to see an IHT409 completed for a chargeable estate. The taxpayer or agent should complete a separate IHT409 for each arrangement.

However, if the estate is above the Inheritance Tax threshold, then the executor of the estate must complete the IHT409 form and pay any Inheritance Tax due within six months of the date of death. Failure to do so may result in penalties and interest charges.

The IHT409 form can be complex and time-consuming to complete, especially if the deceased had a complex estate. It requires the executor to provide detailed information about the deceased’s assets, such as their bank accounts, property, investments, and personal belongings. It also requires the executor to provide details of any debts or liabilities owed by the deceased.

To complete the IHT409 form, the executor will need to obtain a valuation of the deceased’s assets, which may require the services of a professional valuer. They will also need to obtain details of any gifts made by the deceased in the seven years before their death.

Once the IHT409 form has been completed and submitted, HM Revenue and Customs (HMRC) will assess the estate’s liability for Inheritance Tax. If Inheritance Tax is due, the executor will need to pay it within six months of the date of death. If the estate cannot pay the Inheritance Tax, the executor may need to explore options such as selling assets or arranging a loan to cover the costs.

In summary, the IHT409 form is an essential document that needs to be completed by the executor of a deceased person’s estate if the estate is subject to Inheritance Tax. It is a complex and time-consuming process that requires detailed information about the deceased’s assets and liabilities. Executors may wish to seek professional advice and assistance to ensure that the IHT409 form is completed correctly and that any Inheritance Tax due is paid on time to avoid penalties and interest charges.

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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