This page is for entering details assets that comprise Residences, Farm Property, Business Property and Other Land and Buildings.
For Residences, Second Homes, Other Land or Buildings and Farm Property select the correct description by clicking the black triangle to the right of a box in the Type of Property column and fill in the details of the address in the various boxes and the values and amount of IHT relief claimed.
If you are adding the deceased's residence click the ADD DECEASED ADDRESS button and the details will auto complete from the deceased's details entered in the Deceased & Case Details tab under the cased details Menu item.
When you select Business Property that doesn't have an address (e.g. something such as a partner’s capital account in a partnership) you just need to enter the value at the date death of the partnership interest and the amount of any IHT Relief claimed. You will now see the amount as part of section 69 Businesses (inc. Farming, Business Assets and Timber) on the Dashboard page.
You will need to add a Description and the amount of any IHT relief being claimed in the Instalment Option Property section of the “Exemptions or Reliefs Claimed” menu item under the “Tax and Apply” tab for that to be carried into IHT form 400 along with any other exemption or relief claims. Finally, you will need to complete all the details that HMRC require in the Schedule Form IHT413 and send that with IHT400 when submitting to HMRC.
Please be sure to select the correct Type of Property for each asset In order for the details of the Asset to appear in the right place on forms IHT400, IHT405 and IHT205.