Investigating the assets on page 7 - Debts due to the estate (box 73)
Box 73 of the IHT400 should include
- any money which the deceased had lent to someone and which had not been repaid at the date of death
- money that the deceased had lent to trustees linked to a life policy held in trust
- money for which the deceased held a promissory note
- money for which the deceased held an ‘IOU’
- money owing to the deceased from a director’s loan account or current account with a company.
- Money owing to the deceased and secured by mortgage
Details of the sums owed to the deceased should be included on form IHT416. A separate IHT416 should be completed for each outstanding sum.
Further information about how to value and investigate outstanding debts due to the deceased can be found in section 19 (IHTM19000).