HMRC has
announced changes to its usual procedures for IHT forms. HMRC will no longer
print and stamp the IHT421 (IHT probate summary form) and return it to
taxpayers. Instead, HMRC will email the IHT421 directly to the Courts and
Tribunals Service, letting the agent or taxpayer know when it has done so
either in writing or by adding a note to the IHT calculation. IHT100 (the IHT
account) will also no longer need to be signed in order to be accepted by HMRC.
In their weekly tax update, RSM urge caution, noting that these IHT forms ‘trigger
an IHT calculation from HMRC which can then mean that assets are able to be
distributed in a certain manner’ and could lead to assets being distributed ‘fraudulently
without the knowledge of all the personal representatives or trustees, or a
form being submitted that varies from the version agreed’.
HMRC has
announced changes to its usual procedures for IHT forms. HMRC will no longer
print and stamp the IHT421 (IHT probate summary form) and return it to
taxpayers. Instead, HMRC will email the IHT421 directly to the Courts and
Tribunals Service, letting the agent or taxpayer know when it has done so
either in writing or by adding a note to the IHT calculation. IHT100 (the IHT
account) will also no longer need to be signed in order to be accepted by HMRC.
In their weekly tax update, RSM urge caution, noting that these IHT forms ‘trigger
an IHT calculation from HMRC which can then mean that assets are able to be
distributed in a certain manner’ and could lead to assets being distributed ‘fraudulently
without the knowledge of all the personal representatives or trustees, or a
form being submitted that varies from the version agreed’.
