IHT406: Bank Accounts, Savings and Premium Bonds After a Death

This guide follows Schedule IHT406 and the HMRC IHT400 Notes, as of October 2026.

What belongs on IHT406

Box	What goes in it	Total goes to
1	Sole-name bank and building society accounts, including cash ISAs, with the amount held including interest at the date of death	IHT400, box 52
2	National Savings accounts, for example Investment or Direct ISA accounts	IHT400, box 54
3	Premium Bonds: holder number, bond value at death, and any unclaimed or uncashed prizes	IHT400, box 54

The IHT400 Notes widen box 52 to current, deposit, high interest, fixed interest, term and bond accounts, accounts with supermarkets or insurance companies, National Savings Bank accounts, TESSA accounts and cash held in an ISA.

What stays off IHT406

• Accounts held jointly with someone else: these go on Schedule IHT404, jointly owned assets, instead.
• Accounts that were business assets: these go on IHT413 and in box 69 of IHT400.
• Accounts that were overdrawn at the date of death: show those as liabilities in box 82 of IHT400.
• Cash at home, in a safe deposit box or held by a stockbroker, plus traveller's cheques and uncashed cheques: these go in box 53 of IHT400, not on this schedule.

The figure people get wrong: interest to the date of death

The value for each account is the amount held including interest. The Notes say the bank or building society can tell you both the balance on the day of death and the interest due but not yet paid up to that date. If you get the two as separate figures, add them together on IHT406. Reporting only the statement balance understates the estate, and it's the easiest slip to make when a bank sends a balance letter without the accrued interest.

Premium Bonds and unclaimed prizes

Box 3 has two value columns: the bond value at the date of death (column A) and the value of any unclaimed or uncashed prizes (column B). Both are added together. HMRC's internal manual says its officers should normally accept the value given and only raise enquiries if other information suggests the bonds were understated or prizes left out. So include those old prize warrants you find in a drawer.

To find the value of any National Savings and Investments product, the Notes suggest writing to NS&I for a letter giving the value at the date of death and the reference, visiting nsandi.com, or calling their general enquiry line on 08085 007 007.

How to fill it in, step by step

1. Write to each bank and building society for a date-of-death balance including accrued interest.
2. List each sole account in box 1 with the institution, account or roll number and the amount, then total it.
3. List National Savings accounts in box 2 and total them.
4. Add Premium Bonds in box 3, bond value plus unclaimed prizes.
5. Copy the box 1 total to box 52 of IHT400, and the NS&I and Premium Bond totals to box 54.
6. If you run out of space, fill in another copy of the form.

In Scotland, if you've completed inventory form C1, you need only enter the total figure for all bank accounts in box 52 of IHT400.

When the account was joint in name only

Here's an insight from Schedule IHT404 that changes what goes on IHT406. If an elderly person added a relative's name to an account purely for convenience but provided all the funds, the deceased's share is the whole account. And if the other name-holder took cash out for their own use, those withdrawals may be gifts that belong on IHT403, gifts and other transfers of value. Check who paid in before you decide which schedule an account belongs on.

Do you need IHT406 at all?

Only if you're completing the full account. IHT406 is one of the supplementary schedules that sit behind form IHT400, so if the estate is an excepted estate and you aren't filing IHT400, you won't send it. When you are filing IHT400, the schedule is how HMRC sees each account behind the box 52 and box 54 totals.

Help and copies of the form

The current schedule is version HMRC 09/15, and GOV.UK also publishes a Welsh-language version. HMRC's Inheritance Tax helpline is 0300 123 1072, or +44 300 123 1072 from outside the UK.

Mistakes to avoid

• Listing a joint account here as well as on IHT404, so it's counted twice.
• Leaving out interest that had built up but wasn't paid by the date of death.
• Putting a business account on IHT406 when it belongs with the business on IHT413.
• Reporting an overdrawn account as a negative asset instead of a liability in box 82.
• Forgetting Premium Bond prizes that were won but never claimed or cashed.

Each one changes the totals HMRC compares against what the banks report, so it's worth a second check before the form goes off.

The verdict

IHT406 is one of the simpler schedules, but it's where small errors add up: missing accrued interest, a forgotten building society passbook, Premium Bond prizes nobody cashed. Ask every institution for a date-of-death letter that shows interest separately, sort joint and business accounts onto their own schedules first, and the totals in boxes 52 and 54 will hold up.

Frequently asked questions

What is IHT406 used for?

It lists the deceased's sole-name bank and building society accounts in credit at death, plus National Savings and Investments products and Premium Bonds, as part of the full Inheritance Tax account.

Do joint bank accounts go on IHT406?

No. Accounts the deceased owned jointly with another person go on Schedule IHT404, jointly owned assets.

Where does the IHT406 total go on IHT400?

The bank and building society total goes to box 52, and the National Savings and Premium Bond totals go to box 54.

Should interest be included on IHT406?

Yes. Include interest due but not paid up to the date of death; if you have separate figures for capital and interest, add them together.

Do Premium Bond prizes count for Inheritance Tax?

Yes. Include the bond value at death plus any unclaimed or uncashed prizes in box 3.

Where do overdrawn accounts go?

Accounts that were overdrawn at the date of death are shown as liabilities in box 82 of form IHT400.