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Excepted estate

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  • Excepted estate

    I am sole executor and sole beneficiary of my father's estate. We had 2 joint bank accounts which I have now got in my sole name under survivorship by showing them the death certificate. I understand this does not count as part of his estate? The total in the accounts was under £70,000. So no inheritance tax due.
    He had no property, only £251 in cash in the house. He lived with me..
    No debts.
    Do I need to fill in any forms for HMRC . I know I don't need probate..
    Thank you
    Tags: None

  • #2
    As your father's share in the bank accounts was £35k and he had very little other assets it is an excepted estate and since 1 January 2022 IHT 205 is not required and no other IHT forms to complete.
    Is there a chance your father made large gifts of his assets in the last 7 years such as a property?

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