Just sorting out my Dads estate. He has agricultural land (so will be 100% free of IHT) as well a shares in a private limited company (100% free of IHT), total estate is way under the £3m level . Without these included in the value of his estate he will be under the £325,000 threshold. So does this mean I can just file for probate with out the need to file IHT400?
Thanks for this great question. I am of the view that HMRC guidance on this is a tad ambiguous. Having raised with HMRC a question along those lines recently, the guidance we were given is that the excepted estates thresholds (£3mil/£325k NRB etc) apply AFTER the deduction of ‘all exemptions and reliefs’, and so they did not want an IHT400. I would put a call through to their helpline to be sure! HMRC IHT contact details are here.
