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IHT411 – Listed stocks and shares

The form IHT411 (Listed stocks and shares) provides details of shares that are listed on a recognised exchange in which the market meets the definition of ‘listed’ for HMRC purposes, except where the deceased had a control holding.

Purpose of the IHT411 Form

The IHT411 form is used to report the value of the estate and calculate any inheritance tax due. This form is typically completed by the executor or administrator of the estate, and it must be submitted to HM Revenue & Customs (HMRC) along with the relevant supporting documents.

Information Required on the IHT411 Form

The IHT411 form is a detailed document that requires a lot of information about the deceased and their estate. Here are the key pieces of information that must be included on the form:

  • Personal Details – The form requires the name, address, date of birth, and National Insurance number of the deceased.
  • Date of Death – The date of death is essential for calculating the value of the estate and determining any tax liabilities.
  • Details of the Executor or Administrator – The form requires the name and contact information of the executor or administrator responsible for administering the estate.
  • Value of the Estate – The form requires a detailed breakdown of the assets and liabilities of the estate, including any property, savings, investments, and personal belongings. This information should include the value of each asset as at the date of death.
  • Liabilities – Any debts or liabilities of the estate should also be included on the form.
  • Gifts – The form requires details of any gifts made by the deceased in the seven years prior to their death.
  • Exemptions and Reliefs – There are various exemptions and reliefs that may be available to reduce the inheritance tax liability. The form requires details of any applicable reliefs or exemptions, such as the spousal exemption or charitable donations.

How the IHT411 Form is Used

Once the IHT411 form has been completed and submitted to HMRC, it will be reviewed by the tax authority to determine whether any inheritance tax is owed. If tax is due, the executor or administrator of the estate will need to pay this before the probate process can be completed.

It’s worth noting that the IHT411 form is just one part of the probate process. Probate is the legal process of administering the estate of someone who has died. It involves various steps, such as identifying the assets of the estate, paying any debts or taxes, and distributing the remaining assets to the beneficiaries.

The IHT411 form is typically completed towards the beginning of the probate process. Once the form has been submitted, HMRC will issue a “Grant of Representation,” which is a legal document that confirms the executor or administrator’s authority to manage the deceased’s assets.

The Grant of Representation is required to access the deceased’s bank accounts, sell any property or assets, and distribute the estate to the beneficiaries. Once the probate process has been completed, the executor or administrator will need to submit a final tax return for the deceased, which will include any income earned by the estate during the administration period.

Common Issues with the IHT411 Form

Completing the IHT411 form can be a complex and time-consuming process, and there are various issues that can arise during the process.

One common issue is the valuation of assets. The value of certain assets, such as property or investments, can be difficult to determine, and incorrect valuations can lead to inaccurate inheritance tax calculations. It’s important to seek professional advice from a qualified valuer to ensure that the values reported on the IHT411 form are accurate.

Another issue is the calculation of reliefs and exemptions. There are various reliefs and exemptions available to reduce the inheritance tax liability, but these can be complex to understand and calculate. It’s essential to seek professional advice from a tax specialist to ensure that all available reliefs and exemptions are taken into account when completing the IHT411 form.

Finally, the deadline for submitting the IHT411 form can be a challenge. The form must be submitted within 12 months of the date of death, and failure to meet this deadline can result in penalties and interest charges. It’s important to keep track of the deadline and ensure that the form is submitted in a timely manner.

The IHT411 form is a vital part of the probate process in the UK. It is used to report the value of the estate and calculate any inheritance tax liabilities. While completing the form can be complex and time-consuming, it is essential to ensure that all tax liabilities are correctly calculated and paid before the probate process can be completed.

If you are the executor or administrator of an estate and need to complete the IHT411 form, it’s essential to seek professional advice. They can help you navigate the complexities of the form and ensure that all tax liabilities are correctly calculated and paid on time. By doing so, you can ensure that the probate process runs smoothly and that the deceased’s assets are distributed to their beneficiaries as smoothly as possible.

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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