Report the estate’s value to HMRC
When you’ve estimated the value of the estate you can:
- start reporting the value in detail to HM Revenue and Customs (HMRC) - you’ll find out whether you can report everything online or if you’ll need a paper form
- find out if there’s tax to pay and when to pay it
You can also continue a report you’ve already started.
Before you start
You need to:
- have an estimate of the gross value of the estate
- have told organisations that the person has died - you’ll need this to give accurate valuations of the person’s assets or debts
As part of telling HMRC about the estate, you work out its detailed ‘net’ value - this is assets plus gifts minus debts. You’ll need to know the net value if you need to apply for probate.
Getting more accurate valuations
When telling HMRC about Inheritance Tax, you’ll usually need more accurate valuations of the estate. This includes using a professional valuer for things over £500.
You can continue using estimates if:
- the estate’s gross value is less than £250,000
- all the estate passes to the dead person’s spouse or civil partner, a charity or organisations like museums or community amateur sports clubs
If you need help
Call the probate and Inheritance Tax helpline.