IHTM31133 - Making amendments: new IOP records

If one has not already been prepared, you can add a new IOP ( IHTM31012) or IOP(W) assessment group from the “Estate Details” window.

• Press the Add button in the assessment group options box. Select whether you require an IOP or IOP(W) group.

You can have more than one IOP or IOP(W) assessment group (but not NIOP) at each Entry. A second assessment group will be distinguished on assessments by its separate number.

Example

Mr A’s free estate contains

• personal assets of £125,000,
• freehold property of £175,000
• a ½ share in freehold property passing by survivorship at £100,000

As the tax on the joint property is payable by the receiving joint owner, and not by the executor, you have been asked to prepare separate assessments. You will assess

• Entry A NIOP 1 (personal assets)
• Entry A IOP 1 (freehold passing under the will)
• Entry A IOP 2 (freehold passing by survivorship)

The first assessment for IOP 1 will be numbered IOP 1/1, the next IOP1/2, the next IOP 1/3.

The first assessment for IOP 2 will be numbered IOP 2/1, the next IOP 2/2, the next IOP 2/3.