HMRC revamps estate reports

Currently, the core form is the IHT200 which is accompanied by several supplementary forms in relation to specific assets and other items. However, this is set to be replaced by the IHT400 and accompanying forms. The new forms came into effect on 17 November but old style forms will still be acceptable until 9 June 2009. Commenting on the change, Julie Hutchison, head of estate planning with Standard Life, says: "In my opinion, the areas where more detailed information is now required reflect a 'risk' approach being taken by HMRC, where areas known to, or likely to, involve under-report...