The IHT400 (
IHTM10021) will provide you with some
useful pointers to the deceased’s lifestyle and you will need
to consider whether they are consistent with the information given
on the IHT407.
For example, the deceased’s occupation, given on the
IHT400, may show that they were an art or antique dealer. If so,
does the IHT407 include any items of significant value?
The IHT400 will also include details of any liabilities. You
need to consider whether there is any connection between these
liabilities and the household goods. For instance, if there are
garage bills, has a car been returned on the IHT407?
The deceased’s will may refer to specific assets and
you will need to consider whether they have been reflected in the
IHT400, either as assets retained on death or as lifetime transfers
(
IHTM04051). Box 28 of the IHT400 asks
what has happened to items that have not been included in the
estate. If any such items were sold by the deceased, it may be
worth enquiring where the proceeds of sale are reflected in the
estate.
The IHT404 will include details of items of joint property (
IHTM15000).
The IHT405 provides information about the deceased’s
residence. Clearly, if the deceased owned a large or valuable house
and a relatively small value has been returned for the household
goods, it may be worth asking why this is.
If the taxpayer has claimed conditional exemption (
IHTM21048) on any of the household
goods or personal assets they will have completed form IHT420. You
will need to refer the matter to Heritage.
