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IHT410 – Life assurance and annuities

The IHT410 form within the IHT400 document is used to provide details about any life insurance policies, annuities or investment bonds that the deceased made regular monthly or lump sum payments on. It is not important whether the policies were on the deceased’s life or someone else’s life or whether the policies were for the benefit of the deceased.

What is the IHT410 form?

The IHT410 form is a form that is used to report information about the estate of a deceased person to HMRC. This form is also known as the “Probate Summary” form. It is used to report the estate’s assets, liabilities, and any exemptions or reliefs that may apply.

The IHT410 form is only one of the many forms that need to be completed when administering an estate. Other forms that may need to be completed include the IHT400 form, which is used to calculate any potential IHT liabilities, and the PA1 form, which is used to apply for a grant of probate.

If an estate is subject to IHT, it is the responsibility of the executor or administrator to ensure that the correct amount of tax is paid to HMRC. This is why it is important to provide HMRC with accurate information about the estate’s assets and liabilities.

How to fill out the IHT410 form

The IHT410 form is a relatively straightforward form to fill out. However, it is important to ensure that all the information provided is accurate and up to date. Here is a step-by-step guide on how to fill out the IHT410 form:

  • Step 1: Provide basic information about the deceased person

The first section of the IHT410 form requires you to provide basic information about the deceased person. This includes their full name, date of birth, date of death, and their last address. You will also need to provide the deceased person’s National Insurance number and their Unique Taxpayer Reference (UTR) if they had one.

  • Step 2: Provide information about the executor or administrator

The next section of the IHT410 form requires you to provide information about yourself, the executor or administrator of the estate. You will need to provide your full name, address, and contact details. You will also need to provide your National Insurance number and your UTR if you have one.

  • Step 3: Provide information about the estate’s assets

The third section of the IHT410 form requires you to provide information about the estate’s assets. This includes any property, money, investments, and possessions that the deceased person owned. You will need to provide details such as the value of each asset, where it is located, and whether it is owned solely by the deceased person or jointly with someone else.

  • Step 4: Provide information about the estate’s liabilities

The fourth section of the IHT410 form requires you to provide information about the estate’s liabilities. This includes any outstanding debts or bills that the deceased person had at the time of their death. You will need to provide details such as the amount owed, who the money is owed to, and whether any payments have already been made.

  • Step 5: Provide information about any exemptions or reliefs that may apply

The fifth section of the IHT410 form requires you to provide information about any exemptions or reliefs that may apply to the estate. This includes any gifts made by the deceased person in the seven years before their death, any charitable donations made in the deceased person’s will, and any assets that are passed on to a spouse or civil partner.

  • Step 6: Sign and submit the form

Once you have completed all the relevant sections of the IHT410 form, you will need to sign and date the form. You will also need to provide your contact details, in case HMRC needs to get in touch with you about the form. Once the form is completed, you will need to submit it to HMRC along with any other relevant forms and documents.

Tips for filling out the IHT410 form

Here are some tips to help you fill out the IHT410 form correctly:

  • Be accurate: It is important to provide accurate information about the estate’s assets, liabilities, and any exemptions or reliefs that may apply. This will ensure that HMRC is able to calculate any potential IHT liabilities correctly.
  • Be thorough: Make sure that you provide all the relevant information requested on the form. If you are unsure about any of the details, it is better to provide too much information than too little.
  • Keep records: It is a good idea to keep a record of all the information that you provide on the IHT410 form. This will make it easier to answer any questions that HMRC may have about the estate in the future.

Seek professional advice: If you are unsure about any aspect of filling out the IHT410 form, it may be a good idea to seek professional advice.

In conclusion, the IHT410 form is an important document that is required when administering an estate in the UK. It is used to provide HMRC with information about the estate’s assets, liabilities, and any potential tax liabilities that may apply. By following the steps outlined in this article and being thorough and accurate when filling out the form, you can ensure that the process of administering the estate runs smoothly and that the correct amount of tax is paid to 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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