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IHT412 – Unlisted stocks and shares and control holdings

Use IHT412 with form IHT400 to give details of any stocks or shares that are:

  • Listed on the Alternative Investment Market (AIM) or traded on OFEX
  • Held in a private limited company, Business Expansion Scheme or business start-up scheme
  • Listed on a recognised stock exchange and the deceased had control of the company

How to complete the IHT412 form

Completing the IHT412 form can be a complex process, so it’s important to seek professional advice if you are unsure about anything. However, there are some key steps that you can follow to ensure that you complete the form correctly.

Step 1: Gather all the necessary information

Before you start completing the IHT412 form, you will need to gather all the necessary information about the deceased person’s assets and liabilities. This includes:

  • Details of all the deceased person’s bank accounts, investments, and property
  • Information about any outstanding debts or liabilities
  • Details of any gifts that the deceased person made in the seven years before their death
  • Information about any trusts that the deceased person set up during their lifetime
  • Details of any life insurance policies that the deceased person held

Step 2: Complete the form

Once you have all the necessary information, you can start completing the IHT412 form. The form is divided into several sections, which we will discuss below.

Section 1: About the deceased person

In this section, you will need to provide basic information about the deceased person, including their name, date of birth, and date of death.

Section 2: About the estate

In this section, you will need to provide information about the value of the deceased person’s estate, including:

  • The total value of the estate
  • The value of any assets that the deceased person gave away during their lifetime
  • The value of any assets that the deceased person held jointly with someone else
  • The value of any assets that are exempt from inheritance tax (such as assets held in a trust or assets left to a spouse or civil partner)

Section 3: About the assets

In this section, you will need to provide detailed information about all the assets that the deceased person owned, including:

  • Bank accounts
  • Investments
  • Property
  • Personal belongings
  • Business assets

For each asset, you will need to provide the value of the asset, as well as any relevant details (such as the account number or property address).

Section 4: About liabilities and debts

In this section, you will need to provide information about any outstanding debts or liabilities that the deceased person had. This includes:

  • Mortgage debt
  • Credit card debt
  • Loans
  • Tax liabilities

You will need to provide details of the creditor, the amount owed, and whether or not the debt has been paid off.

Section 5: About gifts

In this section, you will need to provide information about any gifts that the deceased person made in the seven years before their death. This includes:

  • The value of the gift
  • The date that the gift was made
  • The name and address of the recipient

Gifts made in the seven years before death may be subject to inheritance tax, so it’s important to provide accurate information about them.

Section 6: About trusts

In this section, you will need to provide information about any trusts that the deceased person set up during their lifetime. This includes:

  • The name of the trust
  • The date that the trust was set up
  • The value of the trust assets
  • The name and address of the trustee

Section 7: About life insurance policies

In this section, you will need to provide information about any life insurance policies that the deceased person held. This includes:

  • The name of the insurance company
  • The policy number
  • The value of the policy

Step 3: Submit the form

Once you have completed the IHT412 form, you will need to submit it to HM Revenue and Customs (HMRC). You will also need to submit the IHT400 form and any supporting documents that are required.

It’s important to note that the deadline for submitting the IHT400 form and paying any inheritance tax owed is six months after the end of the month in which the person died. If you fail to meet this deadline, you may be charged interest and penalties.

The IHT412 form is an important document that is used to assess whether or not an estate owes inheritance tax. Completing the form can be a complex process, so it’s important to seek professional advice if you are unsure about anything. By following the steps outlined in this article, you can ensure that you complete the form correctly and submit it on time. Additionally, by understanding the exemptions and reliefs that may apply, you can ensure that you are not paying more inheritance tax than necessary.

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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