IHTM10000 - IHT accounts and accountability: contents


Summary
IHT accounts
IHT400
IHT100 (before 2003)
IHT101 (before 2003)
IHT100 (2003 onwards)
Corrective account (C4) England, Wales and Northern Ireland
Corrective account (C4) Scotland
Accountability

Summary

IHTM10001Summary

IHT accounts

IHTM10011Introduction

IHT400

IHTM10021Introduction
IHTM10022What is included in the account
IHTM10030Deceased’s details (pages 1 and 2)
IHTM10031Deceased domiciled in Scotland (page 2)
IHTM10032Contact details of person dealing with the estate and repayment authority (page 3)
IHTM10033Deceased’s Will (page 3)
IHTM10034Items referred to in the Will but not included in the estate (page 4)
IHTM10035Supplementary Schedules (pages 1, 4 and 5)
IHTM10036Estate in the UK - jointly owned assets (page 6)
IHTM10037Estate in the UK – assets owned outright by the deceased (pages 6 and 7)
IHTM10038Deductions from the estate in the UK incurred up to the date of death (pages 8 and 9)
IHTM10039Exemptions and reliefs (pages 9 and 10)
IHTM10040Other assets taken into account to calculate the tax (page 10)
IHTM10041Working out the tax and the simple calculation (page 11)
IHTM10042Direct Payment scheme (page 12)
IHTM10043Declaration (pages 12 and 13)
IHTM10044Checklist (page14)
IHTM10045Additional information pages (pages 15 and 16)

Investigating the deceased’s personal details

IHTM10050Domicile (box 6)
IHTM10051Surviving spouse or civil partner (box 8)
IHTM10052Last known permanent address (boxes 11 and 12)
IHTM10053Nursing and residential homes (box 12)
IHTM10054Occupation (box 13)
IHTM10055Power of attorney (box 16)
IHTM10056Deceased’s Will

Investigating the assets on page 6

IHTM10060Deceased’s residence (box 51)
IHTM10061Cash (box 53)
IHTM10062Household and personal goods(box 55)
IHTM10063Pensions(box 56)
IHTM10064Life assurance and mortgage protection policies (box 57)

Bank and building society accounts (box 52)

IHTM10070What accounts are included ?
IHTM10071Investigating values
IHTM10072Valuing entitlements arising from take-overs, mergers and flotations of building societies and other mutual organisations

Premium Bonds (box 54)

IHTM10081Investigating values
IHTM10082When to include prizes

National Savings investments (box 54)

IHTM10091Investments to be included in estate
IHTM10092Investigating values

Investigating the assets on page 7

IHTM10101Stocks and shares (boxes 62 to 67)
IHTM10102Farms, farmhouses and farmland (box 68)
IHTM10103Businesses including farm businesses and timber (box 69)
IHTM10104Other land, buildings and rights over land (box 70)
IHTM10105Interest in another estate (boxes 71 and 72)
IHTM10106Debts due to the estate (box 73)
IHTM10107Income Tax or Capital Gains Tax repayment (box 74).
IHTM10108Trust income due to the deceased (box 75)

Other income and assets due to the deceased (box 76)

IHTM10110General

Other income due to the deceased (box 76)

IHTM10120General
IHTM10121Barrister's fees
IHTM10122Civil Service pay and pensions
IHTM10123Redundancy payments
IHTM10124Rents due to the deceased
IHTM10125Retrospective pay awards

Other assets due to the deceased

IHTM10151General
IHTM10152Interest in expectancy
IHTM10153Private health schemes
IHTM10154Compulsory acquisition of land
IHTM10155Copyrights, royalties, etc.
IHTM10156Damages or claims for damages
IHTM10157Deferred legacies
IHTM10158Grants from the Compensation Fund of the Law Society and Scottish Solicitors' Guarantee Fund
IHTM10159Property subject to a binding contract for sale
IHTM10160School composition fees

Certificates of Tax Deposit

IHTM10251Introduction
IHTM10252Calculating interest
IHTM10253Valuing for IHT purposes

Compensation payments

IHTM10261Compensation for discrimination
IHTM10262Compensation for Holocaust victims
IHTM10263Compensation for personal injuries on death
IHTM10264Compensation payments under the Law Reform (Miscellaneous Provisions) Act 1934
IHTM10265Compensation under the Fatal Accidents and National Insurance (Industrial Injuries) Acts
IHTM10266Ex gratia payments for Tort committed by a member of the Armed Forces of the Crown or the United States' Forces
IHTM10267Ex gratia compensation payments made by the Criminal Injuries Compensation Board
IHTM10268Payments under Damages (Scotland) Act 1976
IHTM10269Compensation for industrial injuries to coal miners
IHTM10270Compensation payments under the NHS Health Care Scheme

Legal rights (Scotland)

IHTM10300Introduction
IHTM10301Valuation under the general law
IHTM10302Valuing legal rights as an asset of the estate
IHTM10303Valuing legal rights as a debt of the estate
IHTM10304For IHT purposes
IHTM10305Interest on legal rights

Share options

IHTM10351What are share options?
IHTM10352Pure share option schemes
IHTM10353SAYE share option schemes

Deductions from the estate

IHTM10361Introduction
IHTM10362Where to find instructions about specific types of debt
IHTM10365Mortgages and secured loans (box 80)

Funeral expenses (box 81)

IHTM10371Introduction and general approach
IHTM10372Flowers
IHTM10373Gravestones and memorials
IHTM10374Memorial services
IHTM10375Mourning expenses
IHTM10376Overseas funerals of non-domiciled deceased
IHTM10377Refreshments
IHTM10378Transport and embalming costs
IHTM10379Travelling and accommodation expenses

Other deductions from the chargeable estate

IHTM10390Dealing with deficits
IHTM10400Exemptions and reliefs

Checking the declaration (box 119)

IHTM10461Grant of representation
IHTM10462Supplementary Schedules
IHTM10463Estimated values
IHTM10464Personal representatives

Reduced account

IHTM10471Purpose
IHTM10472Conditions
IHTM10473What supplementary pages may be left out
IHTM10474When may a value be estimated?
IHTM10475Dealing with a reduced account
IHTM10476Incorrect delivery of a reduced account
IHTM10477Penalties for incorrect delivery of a reduced account
IHTM10478Effect of instrument of variation
IHTM10479Replacing estimated values of property now chargeable

IHT100 (before 2003)

IHTM10501Introduction
IHTM10510Part 1 (solicitor or other person to contact)
IHTM10511Part 2A (date of transfer)
IHTM10512Part 3 (transferor)
IHTM10513Part 4 (transferee)
IHTM10540Part 5B (details of the transfer)
IHTM10541Part 5C (deductions)
IHTM10542Part 5D (reliefs and exemptions)
IHTM10543Part 5E (agricultural and business reliefs)
IHTM10544Part 6 (payment of tax)
IHTM10545Part 7 (other transfers)
IHTM10546Part 8 (declaration)

When should you ask for an IHT 100 to be completed

IHTM10503Potentially exempt transfers
IHTM10504Gifts with reservation
IHTM10505Terminations of an interest in possession in settled property
IHTM10506Other lifetime transfers

Part 5A (the transfer)

IHTM10521General
IHTM10522Question 1 (trust deeds)
IHTM10523Question 2 (policies)
IHTM10524Question 3 (releases, rights, mergers, changes of interests)
IHTM10525Question 4 (close companies)
IHTM10526Question 5 (associated operations)
IHTM10527Question 6 (transfers of land)
IHTM10528Question 7 (transfers of shares in a private company)

IHT101 (before 2003)

IHTM10601Introduction
IHTM10602Page 1 (name and date of settlement)
IHTM10603Page 1 (date of event)
IHTM10604Page 1 (name and address of person to contact)
IHTM10605Page 1 (settlor/testator)
IHTM10606Page 1 (beneficiaries)
IHTM10630Details of chargeable events (property)
IHTM10631Details of chargeable event (deductions)
IHTM10632Chargeable event (reliefs and exemptions claimed)
IHTM10633Payment of tax
IHTM10634Trustees declaration

Page 2 (settlement details)

IHTM10611General
IHTM10612Trust deeds
IHTM10613Related settlements
IHTM10614Chargeable events not previously disclosed
IHTM10615Additions to settlements
IHTM10616Settled property becoming relevant property

Page 2 (chargeable event)

IHTM10621Identifying the chargeable event
IHTM10622Assets remaining in the settlement
IHTM10623Transfers of land
IHTM10624Transfer of shares in a private company

IHT100 (2003 onwards)

IHTM10650Introduction
IHTM10651When to use IHT 100
IHTM10652When not to use IHT 100
IHTM10653Section A - About the Chargeable event
IHTM10654Section B - About the transferor/settlement
IHTM10655Section C - Person we should contact
IHTM10656Section D - Supplementary pages
IHTM10657Section E - Assets in the UK where tax may not be paid by instalments
IHTM10658Section F - Assets in the UK where tax may be paid by instalments
IHTM10659Section G - Summary of the chargeable event
IHTM10660Section H - Working out the tax
IHTM10661Section J - Authority for repayment of inheritance tax
IHTM10662Section K - Declaration

Event form

IHTM10665IHT 100a - Gifts and other transfers of value including failed potentially exempt transfers
IHTM10666IHT 100b - Ending of an interest in possession in settled property
IHTM10667IHT 100c - Assets in a discretionary trust ceasing to be relevant property (proportionate charge)
IHTM10668IHT 100d - Discretionary trust ten-year anniversary (principle charge)
IHTM10669IHT 100e - Assets ceasing to be held on special trusts (flat rate charge)
IHTM10670IHT 100f - Cessation of conditional exemption and disposal of trees or underwood (recapture charge)

Investigating Event Form

IHTM10675IHT 100a - Gifts and other transfers of value including failed potentially exempt transfers
IHTM10676IHT 100b - Ending of an interest in possession in settled property
IHTM10677IHT 100c - Assets in a discretionary trust ceasing to be relevant property (proportionate charge)
IHTM10678IHT 100d - Discretionary trust ten-year anniversary (principal charge)
IHTM10679IHT 100e - Assets ceasing to be held on special trusts (flat rate charge)
IHTM10680IHT 100f - Cessation of conditional exemption and disposal of trees or underwood (recapture charge)

Investigating supplementary form

IHTM10685D31 - Domicile outside the United Kingdom
IHTM10686D32 - Stocks and shares
IHTM10687D33 - Debts due to the settlement
IHTM10688D34 - Insurance
IHTM10689D35 - Household and personal goods
IHTM10690D36 - Land and buildings: Interests in land: Trees or underwood
IHTM10691D37 - Agricultural relief
IHTM10692D38 - Business relief
IHTM10693D39 - Foreign assets
IHTM10694D40 - Other information

Corrective account (C4) England, Wales and Northern Ireland

IHTM10701Introduction
IHTM10702When is an account required (England, Wales and Northern Ireland)?
IHTM10703Who should complete and sign the account?
IHTM10704Page 1
IHTM10705Pages 2 and 3
IHTM10706Page 4

Corrective account (C4) Scotland

IHTM10751When is an account required (Scotland)?
IHTM10752Who should complete and sign the account?
IHTM10753Page 1
IHTM10754Pages 2 and 3
IHTM10755Page 4
IHTM10756What to do when you receive a corrective account.

Accountability

IHTM10801Introduction
IHTM10802What is to be included in an account?
IHTM10803Time limits
IHTM10804When is an account not required?
IHTM10805Corrective accounts
IHTM10840Recapture charges for heritage property and woodlands
IHTM10850Instruments of variation

Transfers on death

IHTM10811General rule
IHTM10812'Appropriate property'
IHTM10813Use of estimated values
IHTM10814No grant of representation or confirmation

Lifetime transfers

IHTM10821Potentially exempt transfers (PETs)
IHTM10822Transfers that are chargeable when made
IHTM10823Excepted transfers
IHTM10824Gift with reservation (GWR)

Settled property

IHTM10831General rules on accountability when there is an interest in possession
IHTM10832Transfers on death
IHTM10833Lifetime transfers
IHTM10834Excepted terminations
IHTM10835Discharge for an excepted termination
IHTM10836Non-interest in possession settlements, including maintenance funds

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