Dear all,
A case that relied upon NRB, TNRB and RNRB wasn’t due to pay any inheritance tax as it was worth less than £825k.
The IHT400 and schedules were sent in, code given and ultimately a Grant of Probate has been received.
As assets have begun to be received, more bank accounts have been discovered than first known of, to the extent that the estate is now worth more than £825k (NRB+TNRB+RNRB) but less than £1million.
As TRNRB is available, the additional bank accounts do not result in the estate being liable for IHT but if the accounts had been known about at the time, the IHT436 schedule would need to have been completed and submitted to HMRC.
Does the need for the additional schedule and additional relief mean that a corrective account needs to be filed to HMRC and/ or HMRC notified in any other way? Or, given that the estate still isn’t liable to IHT, do they not need to be notified?
I look forward to hearing from you all.
Yours faithfully,
Jonathan