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Houses, land, buildings and interests in land Schedule IHT405When to use this form Fill in this form to give details of all the land and buildings or rights over land (such as fishing rights) owned
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this is just eight pages long and there are no schedules and this is a form Ill be going through in this talk there is an explanatory booklet which I will refer to HD 206 but even this document comes to 30 pages so although the HD 205 is much more straightforward than the ISDN 400 you still need to be careful before I go on to the actual form just a point about the calculation of inheritance tax this is not a lecture on tax this part of the webinar is just to explain very basically how you cant calculate whether the state is liable if it is you will need to do further research on how to calculate exactly how much you must pay the tax rebounds normally called the nil rate band or NRB is three hundred and twenty five thousand pounds per individual this means that if the deceased estate is less than thats figure three non twenty five thousand pounds theres no textplain once the estate comes to over this figure then taxes child on at forty percent on the adult over the three hundred twenty five thousand pounds thats straightforward enough if the deceased estate clearly comes within that figure then you should be okay with going ahead with the ITT 205 for example in my apartment world the average cost of property is a hundred fifty thousand pounds if it is urgent joint names that each co-owners share is seventy five thousand pounds even with all their sins most people fall well within the no rakebrand limit and there is no inheritance tax to pay there are also releasing exemptions which I cant go through in this webinar it isnt intended for that purpose but there arent two released I would like to mention or get it briefly firstly the transferable no rate band or T n RB theres a applies to married couples and Zillah partners only not to marry couples unmarried couples no matter how long theyve been together so how does it work well as mentioned each individual has a nil rate band of three hundred and twenty five thousand pounds if a spouse dies having not used his know rate band then the estate of the second spouse to die can add that to her own NRB nor a band making a total of six hundred and fifty thousand pounds this figure can be eaten into even if this figure can be eaten into if this first bounce has made lifetime gifts during the seven years immediately before he died if this is likely then you must check his records as this can materially affect whether tax is payable or not the other important point is that even if youre entitled to claim transferable no red band it doesnt happen automatically youve got to claim it using the form ITT two one seven which Ill come to later in this webinar the other relief Ive got to mention is the residence in the red band of our or our n RB this again is very complicated and if your estate comes within that three hundred twenty-five thousand pound mark as mentioned above then you may not need to worry about it but you should have some idea about it the basic elements are I didnt again only applies to married...