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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Cross references: model cross reference

  F600777/02Z
   
   
  HUNTER dec’d ( d 02.02.02)
   
Jane Driver (sis) d 11.11.00
   
  F300111/00T
   
PE £90,744 IHT paid £12,697.60
   
RE £175,000 CLOSED

By Will

  1. Pecuniary legacies of £25,000 (none to deceased)
  2. 1/3 share of residue to deceased abs.
Net Estate     £265,744    
           
Less IHT £12,697      
  Legacies £25,000      
  Costs (approx) £8,000      
        £45,697  
Residue       £220,047  
           
Therefore dec’d’s 1/3 share =     £73,349    
  • £73,555 included in IHT400 - acceptable, subject to DV

QSR(IHTM22041)

Net estate     £265,744    
           
Less legacies £25,000      
  IHT £12,697      
        £37,697  
        £228,047  
           
Dec’d’s 1/3 share =     £76,016    
Relief therefore:          
76,016 x 12,697 x 80% =   £2,905.58  
265,744          

X-Ref’d

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