Take the gross estate value for IHT and then subtract the value of all of the following: assets that were owned with someone else (‘joint assets’) and that are being passed to the surviving owner gifts that were made in the 7 years before they died assets that were owned abroad (for example, overseas property or money in foreign bank accounts) assets held in a trust
Requirements
Fill in and send form IHT400 . You’ll need to do this within 12 months of the person dying and before applying for probate. ‘Full details’ means the estate’s assets and debts, any gifts made, and any reliefs and exemptions. These will provide you with the total value of the estate. Sometimes, full details are needed even if no Inheritance Tax is due.