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This form is primarily required for executors or administrators of estates where the deceased made gifts on or after March 18, 1986. Individuals who need to file this form include family members managing an estate, solicitors handling probate matters, and financial advisors assisting clients with inheritance tax planning. For instance, if a person passed away leaving behind significant assets and had made substantial gifts within seven years prior to their death, the executor must complete this form to ensure compliance with inheritance tax regulations.
To properly file the IHT403 form, it must be submitted alongside the main inheritance tax return (IHT400) within six months of the date of death. Executors should gather necessary documentation such as details of all gifts made by the deceased, including values and recipients. If any exemptions apply, these should also be documented accurately.
Submitting the IHT403 involves several steps: First, obtain a copy of the form from HMRC's website or through DocHub. Next, fill out all required sections accurately based on your records of gifts made by the deceased. After completing the form, review it for accuracy before submitting it either online via HMRC's portal or by mailing a printed version to HMRC at their designated address.
It is crucial to note that not all gifts need to be reported; specifically, those valued at £3,000 or less in any tax year do not require disclosure. Additionally, taper relief may apply for gifts exceeding the nil rate band if they were given between three and seven years before death. Understanding these nuances can significantly impact tax liabilities.
