Form IHT406 - Fill, Sign and Download | Bank Accounts Schedule
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ZenDocs is not a law firm and does not provide legal advice
Form IHT406, Bank and building society accounts and National Savings and Investments, is the schedule executors attach to Form IHT400 to list the deceased's sole-name financial accounts that were in credit at the date of death. It covers current accounts, savings accounts, cash ISAs, NS&I products, and Premium Bonds, so HMRC can total the estate's cash-based assets for Inheritance Tax purposes.
Only accounts held in the deceased's sole name go on this form, at their balance including any accrued interest at the date of death. Joint accounts, including a joint account held with a spouse, are declared on a different schedule, Form IHT404, Jointly owned assets, rather than on IHT406, even though the surviving joint holder usually inherits the balance immediately by survivorship.
Contact each bank or building society, identify yourself as the executor, and provide the death certificate and evidence of your appointment. Ask for a "date of death balance" statement for each account, including any interest that's accrued but not yet been credited. Most banks have a dedicated bereavement team for this, though some will only release figures once they've seen the death certificate and proof of your role as executor or administrator.
Cash ISAs are declared at their full face value, since the tax-free status of an ISA applies to income tax, not to Inheritance Tax. Premium Bonds are recorded at their face value too, and you should also check for any unclaimed prizes before finalising the figures, since these form part of the estate and are easy to overlook if the deceased held bonds for a long time.
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