EXCEPTED ESTATES – INHERITANCE TAX FORMS AND THE PROBATE PROCESS
APRIL 18TH 2011 | 01:47 TAGS:
The purpose of the Excepted Estates process is to reduce the number of probate cases where a full Inheritance Tax (IHT) account (the IHT 400) has to be used. If the IHT 400 is not needed it reduces the amount of work required in the administration of the deceased’s estate. However, the IHT 205 form, which is considerably shorter, has to be submitted to the Probate Registry instead.
The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2011, SI2011/214 came into force on 1 March 2011. They bring into effect some tidying up of the rules but in essence their main purpose is to accommodate the transferable nil rate band.
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