How to value an estate for Inheritance Tax and report its value
If Inheritance Tax is due or full details are needed
You must report the value of the estate to HM Revenue and Customs (HMRC) by completing form IHT400.
You must submit the form within 12 months of the person dying.
You may have to pay a penalty if you miss the deadline.
Getting accurate valuations
You’ll need to give accurate valuations when you complete the form.
You can get any property or land valued by an estate agent or chartered surveyor.
You can also get a professional valuation for anything worth over £1,500.
You can estimate the value of cheaper assets, such as ordinary household goods and personal items like furniture, electrical items, paintings or jewellery.
Report the value of the estate by completing form IHT400
You need to download and complete form IHT400. Send it to the address on the form.
You can read guidance on how to complete form IHT400.
You can ask HMRC to work out how much Inheritance Tax is due if you’re filling in the form without the help of a probate professional, such as a solicitor. You can do this when you fill in the form.
If you need help completing the form
Contact HMRC’s Inheritance Tax helpline for help with completing form IHT400.
How to amend a form after it’s been submitted
You need to fill in a corrective account form and send it to HMRC if you need to make any changes to information you’ve already submitted.
Paying Inheritance Tax
You must pay Inheritance Tax by the end of the sixth month after the person died. For example, if the person died in January, you must pay Inheritance Tax by 31 July.
You can pay in yearly instalments on certain things that may take time to sell, such as a house.
You’ll need to get an Inheritance Tax reference number from HM Revenue and Customs (HMRC) at least 3 weeks before paying any tax.
When you can apply for probate
Once you’ve sent your completed IHT400 form to HMRC, you need to wait for HMRC to send you a letter with a code before you apply for probate.