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It's important to keep copies of all records when you pay Inheritance Tax on an estate or trust. This will show you've done everything you're supposed to if HM Revenue & Customs (HMRC) asks to see how you arrived at your figures.
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If you're an executor or personal representative, you must keep:
It's useful to include any paperwork that shows how you worked out the value for certain items in the deceased's estate, such as:
It's also a good idea to keep:
HMRC may request a copy of these final estate accounts for their files. You should also send a copy to each of the beneficiaries.
Although it's not legally required, it's a good idea to keep all documents particularly if you later want to transfer an unused Inheritance Tax threshold.
If you're a trustee paying Inheritance Tax on a trust, you should keep all the records and papers you used to fill in the forms in case HMRC asks to see them later.
If you've inherited money or property, you should keep copies of any documentation showing you've received an inheritance.
If you're the surviving partner in a marriage or civil partnership, you should ask the executor for a document showing your deceased partner's unused threshold and keep this with your papers, as it will be needed to transfer the threshold on your death.
Inheritance Tax must be paid within six months after the death. However in some cases you can pay by instalments if the estate includes certain types of assets.
If you've supplied the necessary information on your Inheritance Tax forms and paid all the tax and interest due, HMRC will send you a letter confirming that no more Inheritance Tax is due.
You may have chosen to pay by instalments but also paid Inheritance Tax due that isn't part of the instalment plan. In this case you'll get a letter confirming that you've paid the Inheritance Tax due except for the tax due by instalments.
When all of the instalments have been paid, HMRC will send another letter to confirm that all of the tax due has been paid.
These letters mean HMRC can't ask you to pay any further Inheritance Tax on the estate in question unless: