IHT

Question 1

The probate form must include :

Answer 1

The estates gross value

The estates net value

The estates bet qualifying value

Question 2

If form IHT400 not submitted the what penalties occur?

Answer 2

£100 for late delivery and a further £100 if delivered between 6 and 12 months late

A fine up to £3000 can be made if still not delivered after 12 months

Question 3

IHT on uk domicile

Answer 3

IHT on all worldwide assets

Question 4

IHT on non uk domicile

Answer 4

IHT on only assets in UK

Question 5

POAT (pre owned asset tax)

Answer 5

Income tax charged on benefit of assets which were previously owned

Question 6

Die within what time for QSR?

Answer 6

Death within 5 years of receiving inheritance