IHTM03101 - Forms 400 and 401: introduction
The forms 400 and 401 (IHTM03111) are used to hold papers relating to lifetime transfers that are chargeable when made (IHTM04051). Both file covers are pink and the only difference between them is that the Form 401 has a concertina spine that allows it to hold more papers.
If a person makes a chargeable lifetime transfer, the file creation staff will create a new lifetime file using form 400 or 401.
If the chargeable transfer is below the threshold for paying tax we will create a lifetime file reference and place the barcode label on the front of the account itself.