IHT account Flashcards
(4 cards)
1
Q
to what estate does this not apply?
A
excepted estates do not need to file an IHT account (but they may still have IHT liability). The relevant IHT information is included on PA1P or PA1A
2
Q
when must the IHT account be filed? when does interest start to accrue?
A
before applying for GOR and the account must be filed by the later of:
o 12 months after the end of the month in which D died; or
o 3 months after the applicants began acting the PRs
Interest starts to accrue 6 months after the end of the month in which D died
3
Q
what are the stages to the IHT account process?
A
- IHT reference number to be obtained from HMRC (needed for to make payment)
- IHT to be calculated and IHT account IHT400 + any relevant schedules to be completed and filed with HMRC
- HMRC will send confirmation to HMCTs that the IHT has been paid or none is due
- Applicant can make application for GOR
4
Q
once the IHT account has been filed, when can the GOR application be made?
A
no earlier than 20 working days after filing IHT400, otherwise it will be blocked
