IHT 205 partnership and business interests

IHT 205 partnership and business interests

Didn't find your answer?

I am currently filling out form IHT205 for my father's estate. He owns 1 share (50%) of a private limited company. I own the only other share and manage and run the company. I'm not sure whether to enter the value of this share (value of the company) in box 11.4 - "Stocks and shares not quoted on the Stock Exchange" or 11.7 - "Partnership and business interests". I presume it is box 11.4 only? I assume it shouldn't be both boxes as a box further down asks for a total including these boxes.

Just to add - this figure should qualify for 100% relief because of PBR, but even if not the company value is small and IHT threshold will not be reached so I'm happy IHT205 is the correct form to use.

Replies (6)

Please login or register to join the discussion.

By johngroganjga
31st Jul 2014 16:39

Yes it's a share, so it's 11.4.

Thanks (1)
Replying to Wilson Philips:
avatar
By YoungBob
31st Jul 2014 17:40

Ok, thanks

Thanks (0)
avatar
By YoungBob
01st Aug 2014 12:48

Company valuation for IHT purposes

Deleted and posted a new question instead.

Thanks (0)
avatar
By ESTONIA12
06th Aug 2014 18:05

probate IHT

HELLO SIR

I AM IN THE PROCESS OF DEALING WITH A FRIEND WHO HAS SUDDENLY DIED AND HAVING TO APPLY FOR GRANT OF PROBATE because of the request from the life assurance co..............now most of the IHT 205 FORM HAS BEEN COMPLETED but I am confused at what to include in respect of assest and liablities of the business that my friend had..........in fact he had a private limited co he was the sole director and companies house dissolved this yesterday..( as there was only 1 director).......that being the case I am aware there are no business assets only an overdraft of about £5k at the bank......should any business assets  and liablities simply be put in section 11.7  including eg company bank overdraft and the company cars (2)   eg paid for by the business but registered directly in my friends name?

 

thank you

 

ps I am aware the accountant should probably give me the full value of the business?

Thanks (0)
By johngroganjga
06th Aug 2014 19:19

You include the value of the deceased's shares in the company, which you say the accountant will give you. You don't separately include the value any of the company's assets and liabilities as they (a) didn't belong to the deceased, and (b) are taken into account in the value of the shares anyway.

Thanks (1)
Replying to Mark Telford:
avatar
By ESTONIA12
06th Aug 2014 20:50

IHT 205
Thank you very much John your answer was very very helpful. Kind regards david

Thanks (0)