Succession: Investigating boxes 24 to 28 of the IHT400: Other items in the Will
In most cases the information provided by the taxpayer or agent should be enough for you to close this aspect without further enquiry.
One situation that needs to be looked at carefully is where there is a loan referred to in the Will. This will normally be an asset of the estate at death and form IHT416 should be completed to provide details. If the information given indicates that the taxpayer or agent has checked with the recipient of the loan and no sums are outstanding, you may need to consider
- whether the other assets in the estate adequately reflect the repayment of the loan, and
- where no reference is made to the loan having been repaid, whether the loan has been properly released (IHTM19110).
- where a loan has been properly released, you may need to consider whether a lifetime transfer (IHTM14023) has been made.