IHT Flashcards
1
Q
The probate form must include :
A
The estates gross value
The estates net value
The estates bet qualifying value
2
Q
If form IHT400 not submitted the what penalties occur?
A
£100 for late delivery and a further £100 if delivered between 6 and 12 months late
A fine up to £3000 can be made if still not delivered after 12 months
3
Q
IHT on uk domicile
A
IHT on all worldwide assets
4
Q
IHT on non uk domicile
A
IHT on only assets in UK
5
Q
POAT (pre owned asset tax)
A
Income tax charged on benefit of assets which were previously owned
6
Q
Die within what time for QSR?
A
Death within 5 years of receiving inheritance
