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Anyone with experience of inheritence tax forms here?

4 replies

notime2cry · 10/12/2021 07:33

I've been filling in HMRC form IHT205 online to report the value of my late mum's estate, and struggling with something.

I've read elsewhere that if you own your home (or a share in it) your tax-free threshold can increase to £500k if you leave it to your children. But form IHT205 doesn't seem to mention this anywhere, so its recording my mum's threshold of as £325k instead. How do I get it to increase to £500k?

OP posts:
EvilRingahBitch · 10/12/2021 07:39

A quick Google suggests you need to claim it specifically using forms IHT435 and 436.

CatServantIII · 10/12/2021 07:42

I think you can’t do an IHT205 if you want to claim RNRB. You need to start again and do an IHT400 instead.

notime2cry · 10/12/2021 07:52

@CatServantIII

I think you can’t do an IHT205 if you want to claim RNRB. You need to start again and do an IHT400 instead.
How illogical.Confused
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notime2cry · 10/12/2021 07:58

Illogical because IHT400 is for cases where there is inheritence tax to pay, but there isn't.

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