How to value an estate for Inheritance Tax and report its value

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If Inheritance Tax is due or full details are needed

You must report the value of the estate to HM Revenue and Customs (HMRC) by completing form IHT400.

You must submit the form within 12 months of the person dying.

You may have to pay a penalty if you miss the deadline.

Getting accurate valuations

You’ll need to give accurate valuations when you complete the form.

You can get any property or land valued by an estate agent or chartered surveyor.

You can also get a professional valuation for anything worth over £1,500.

You can estimate the value of cheaper assets, such as electrical items and ordinary household goods. 

For things like cars, jewellery, and paintings, work out how much you would have got if you’d sold them. You can search for similar items on online marketplaces for this.

Report the value of the estate by completing form IHT400

You need to download and complete form IHT400. Send it to the address on the form.

You can read guidance on how to complete form IHT400.

You can ask HMRC to work out how much Inheritance Tax is due if you’re filling in the form without the help of a probate professional, such as a solicitor. You can do this when you fill in the form.

If you need help completing the form

Contact HMRC’s Inheritance Tax helpline for help with completing form IHT400.

How to amend a form after it’s been submitted

You need to fill in a corrective account form and send it to HMRC if you need to make any changes to information you’ve already submitted.

Paying Inheritance Tax

You must pay Inheritance Tax by the end of the sixth month after the person died. For example, if the person died in January, you must pay Inheritance Tax by 31 July.

You can pay in yearly instalments on certain things that may take time to sell, such as a house.

You’ll need to get an Inheritance Tax reference number from HM Revenue and Customs (HMRC) at least 3 weeks before paying any tax.

When you can apply for probate

Once you’ve sent your completed IHT400 form to HMRC, you need to wait for HMRC to send you a letter with a code before you apply for probate.

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Part of What to do when someone dies: step by step

  1. Step 1 Register the death

    1. Register the death

    Check what to do if:

  2. Step 2 Tell government about the death

    The Tell Us Once service allows you to inform all the relevant government departments when someone dies.

    1. Use the Tell Us Once service to tell government
    2. If you cannot use Tell Us Once, tell government yourself

    You'll also need to tell organisations outside government, like employers and private pension providers, banks, and utility companies.

  3. Step 3 Arrange the funeral

    1. Arrange the funeral
    2. Get help paying for a funeral
    3. Get help paying for a child's funeral

  4. Step 4 Check if you can get bereavement benefits

    You might be eligible for financial help.

    Check if you can get:

  5. and Deal with your own benefits, pension and taxes

    Your tax, benefit claims and pension might change depending on your relationship with the person who died.

    1. Manage your tax, pensions and benefits if your partner has died
    2. Check how benefits are affected if a child dies

  6. and Find bereavement support and services

    Get help with managing grief and the things you need to do when someone dies.

    1. Find bereavement help and support
    2. Find bereavement services from your local council

  7. and Check if you need to apply to stay in the UK

    If your right to live in the UK depends on your relationship with someone who died you might need to apply for a new visa.

    Check the rules if:

    1. Contact UKVI to check the rules for other visas

  8. Step 5 Value the estate and check if you need to pay Inheritance Tax

    To find out if there’s Inheritance Tax to pay, you need to estimate the value of the property, money and possessions (the ‘estate’) of the person who died.

    1. Estimate the value of the estate to find out if you need to pay Inheritance Tax
    1. Find out how to report the value of the estate
    1. You are currently viewing: Pay Inheritance Tax if it’s due

  9. Step 6 Apply for probate

    You might need to apply for probate before you can deal with the property, money and possessions (the ‘estate’) of the person who died.

    1. Check if you need to apply for probate
    1. Apply for probate

  10. Step 7 Deal with the estate

    Pay any debts or taxes owed by the person who's died. You can then distribute the estate as set out in the will or the law.

    1. Deal with the estate
    1. Update property records