How do I add items with interest in another estate?

Find out how to add an item that has interest in another estate, how this will impact court and IHT forms and how this looks within estate accounts

Adding the asset 

Court & IHT forms

Estate accounts 

Adding the asset

• Go to Estate Overview, add a new Money owed to deceased item

• On the next screen, choose Interest in another estate from the drop down menu

• Fill information in to the relevant fields:

• Click Save

Court and IHT forms 

C1 (Scottish customers only)

• All interest in another estate items will be included within the inventory, including any items not valid for Inheritance Tax purposes 
  
  

IHT205 

• Jointly owned items passing to the surviving owner will populate box 9.2, section 10.4, section 12.3 and section 14
• Jointly owned items not passing to surviving owner will populate section 11.11, section 12.3 and section 14
• Solely owned items will populate section 11.11, section 12.3 and section 14

IHT404 

• Jointly owned items passing to the surviving owner will populate section 6, box 8, box 10 and section 11
• Jointly owned items not passing to the surviving owner will populate section 6, box 8 and box 10

IHT400 

• Values from the IHT404 will be populated in to relevant areas of the IHT400 

Estate accounts 

• You are able to add income and expenses to any item with interest in another estate. Find out more about how to add income and expenses 
• You are also able to distribute the item. Find out more about how to add distributions
• If the interest in another estate item forms part of the estate for IHT, it will be visible in the estate accounts section within estate capital and will appear in the estate accounts outputs grouped together within Money owed to deceased: