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IHT205 Probate form

What is an IHT205 Probate Form?

This form is part of the formal probate process of organising the deceased’s estate. It is used if the estate counts as an ‘excepted estate’ and if the person who has died was a permanent resident of England, Wales, or Northern Ireland. It is not applicable to someone who was a permanent resident of Scotland. This form is required where there is no inheritance tax to pay, but you still need a grant of probate. It will be completed by the executor or administrator of your estate.

When can you use form IHT205?

The IHT205 form can ONLY be used in instances where there is no inheritance tax to pay. This is because:

  • The estate is valued at below the inheritance tax threshold of £325,000
  • The estate is valued below £1 million, however all of the assets are passed to the spouse of the deceased or their civil partner
  • The estate is valued below £1 million, however all the assets are passed to a charity or an alternative qualifying body

What is included in IHT205?

In the IHT205 form, there are fifteen important sections for you to answer:

1)         This section is about the person who has died. This part of the form has some fairly straight forward questions about the deceased, such as their name and occupation. They will also ask for their National Insurance number, so it is important that you have this information to hand

2-4)      These sections address the person’s estate. They look at any gifts that may have been given in the 7 years preceding the person’s death and ask about any potential gifts given before death that the deceased party may have benefited from

5) This part of the form inquires about any assets outside the UK that the deceased party may have benefitted from

6) Here, you will have to disclose whether or nor the deceased paid into any life insurance policies that didn’t benefit either themselves or their spouse/civil partner

7-8) These sections inquire as to whether the deceased had a pension aside from the normal state pension, as well as if they gave up any benefits of their plans in the two years preceding their death

9) This section is where any assets included in the estate are listed. This part of the form is broken down into several smaller sections which allow the assets to be categorised clearly

10) Here, the debts that are owed by the estate out of the assets listed in the previous section are laid out. This part is also broken down into smaller sections

11) This is the part where any other assets of the estate are listed. This may include any cash, shares, household goods, property the deceased had, as well as any money that was owed to them

12) In this section, you will be required to list any debts payable from the assets listed in the previous section

13) This section asks you to declare anything that hasn’t already been stated. It also gives you the chance to inform HMRC of anything else you’d like them to be aware of

14) this is an important section of the form, as it enables you to list any exemptions you would like to claim. For example, it enables you to make an exemption for any assets that are to be passed on to a spouse or charity

15) The final section is a declaration that is signed by the executor, which states that everything contained in the form is true and accurate.

As you can see, there is a lot of information included in the IHT205 form. If you have any queries regarding this form, one of our advisers at Thornton and Baines will be happy to talk you through your personal situation over a free Zoom call.

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