EFIS 18, April 2003 : Inheritance Tax / Inland Revenue

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From 31st March 2003, the Inland Revenue has agreed a (voluntary) scheme with the British Bankers' Association and Building Societies' Association whereby personal representatives can draw on money held in the deceased's account(s) to pay inheritance tax when IHT200(ALL) has been submitted.

IHTD21 is the form to be submitted to the Inland Revenue Capital Taxes Office in order to obtain the Inland Revenue Capital Taxes reference number.

When the practitioner has calculated the amount of tax to pay the Inland Revenue, IHTD20 is completed and signed by the personal representatives who will be applying for the grant of probate. Practitioners must fill in a separate IHTD20 form for each bank or building society from which the personal representatives wish to transfer money. This scheme only applies to accounts held in the deceased's sole name.

Practitioners who wish to use IHTD20 and IHTD21 should first check with the bank or building society in question that they have agreed to participate in this voluntary process.

The form IHTC4 has had a minor macro amendment and is also enclosed.

These forms can be used immediately upon receipt.

Forms affected

IHTC4	Corrective Account/Inventory	New/Amended
IHTD20	Application to transfer funds to pay inheritance tax	New/Amended
IHTD21	Application for Capital Taxes reference	New/Amended
IHT200(All)	Inland Revenue Account for Inheritance Tax - Including all supplementary pages)	New/Amended

Crown copyright forms are reproduced with the permission of the Controller of the Stationery Office. Law Society forms are reproduced with the permission of the Law Society. Legal Aid Forms are produced with the permission of the LSC.