Financial Times Guide to Inheritance Tax, Probate and Estate Planning

18

Excepted estates

This chapter will detail which estates fall into the category

of ‘excepted estates’

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Low value estates

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Exempt excepted estates



Foreign domiciliaries



Procedure in England, Wales and Northern Ireland



The Scottish variant

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Summary

Essentially, the personal representatives of the deceased must deliver an

account of the assets and liabilities of the estate. This is actioned by com-

pleting an inheritance tax form IHT400 and submitting this to the Capital

Taxes Ofce. Any inheritance tax must then be paid by the personal rep-

resentatives by the required date. However, there are occasions when an

IHT400 will not be required. In these cases, an estate is described as an

excepted estate:



low value estates;



exempt excepted estates;



foreign domiciliaries.

Instead of completing form IHT400, the personal representatives le

a brief return of information about the estate as a whole. If any of the

above conditions are not satised, a form IHT400 must be delivered to

HMRC. Further details of how to do this are discussed in Chapter 12.