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 your Estate Overview, add a new Money owed to deceased item

• Choose Interest in another estate from the list

• Fill information in to the relevant fields:

• If the item is solely owned or jointly owned and not passing to surviving owner, there will also be a Realised value section available: 

• 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 
• If an IHT400 is generated, values will not appear in the About the estate section
  
  

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
• Your Interest in another estate item will now be visible throughout relevant areas of the Estate accounts section
• The item will also appear in the Estate output grouped together within Money owed to deceased: