I would welcome comments on what people think about the figure to use on an IHT400 account for a Life Policy or Investment Bond. Many Life Insurance companies (e.g. Zurich) give 2 figures in the initial letter after death; one figure usually expressed as the “date of death” and one as “claim value”. The claim value figure is usually higher than the date of death figure.
Other companies go further and give a figure “as at the date of death and for probate and inheritance tax purposes”. However, the 2nd claim value figure is usually higher again.
I have been informed by financial advisors that the higher figure should be used for the IHT400 as this correlates with s171 IHTA 1984 and the HMRC IHT manual.
What figure are fellow lawyers using?