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Question concerns form IHT205. My wife died in March 2014

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Question concerns form IHT205. My wife died in March 2014 and she left everything to me apart from a few small legacies. Box C=£388700, Box D=£34256, BoxE=£8352, BoxF=£25904, BoxG=£414604, Box H=£422956. I have put £388700 in Box J and £25904 in Box K. But should it be £414604 in Box J and nil in Box K? I have received the Grant so form 205 has been sent to the probate Office with the probate forms.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

Which of boxes 9.1 to 9.5 and 10.1 to 10.4 contain a figure? Will the assets for which a grant of representation is required become yours?

Customer: replied 2 years ago.

Box 9.2 =£388700 and In Box A. There is nothing in boxes 9.1,9.3,9.4,9.5. There is nothing in boxes 10.1 to 10.4 inclusive but £388700 is in Box C.

My wife's gross assets are £34256 less funeral expenses of £8352 which leaves £25904 in Box F. I have paid the legacies from Box F and the residue is left to me.

Expert:  TonyTax replied 2 years ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 2 years ago.

Hi again.

As you thought, the figure that should go into Box J is £414,604 because that is all coming to you and the figure in box K should be £0.

I hope this helps but let me know if you have any further questions.

Customer: replied 2 years ago.

Thank you for your reply. Unfortunately, I have put £388700 in Box J and £25904 in Box K. I suppose I will have to write to HMRC. However I notice at the bottom of this page the paragraph that begins "If you find something left out or if any of the figures given in this form change you only need to tell HMRC.......if the value at box K is more than the inheritance Tax nil rate band............"which it won't be because you say box K should be £0. It's all very confusing.

Expert:  TonyTax replied 2 years ago.
HMRC won't get annoyed with you if you have made a mistake. Everybody makes mistakes and you have lost your wife so its a difficult time.

Given that the mistake makes absolutely no difference to the IHT situation, ie there will be no liability in any event, and the mistake is minor, I'd be inclined to leave things as they stand.
TonyTax, Tax Consultant
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Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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