IHTM03142 - Form 405: what is recorded on Form 405?

You should complete the following information on the Form 405

• Cumulative total - the aggregate total of previous chargeable transfers (IHTM04027) by the transferor
• Chargeable transfers no longer cumulative - the previous chargeable transfers that do not cumulate with the present transfer (noting the sub-file, date and value of each transfer that falls out of cumulation
• Date of transfer - the date current transfer was made
• Subject matter - brief description of the assets transferred (for example, unlisted shares, cash, realty, chattels)
• Value transferred (IHTM04028) - the value of the transfer..
• Allowances and exemptions - the nature and value of the exemption or relief claimed
• Chargeable transfer - the value transferred less exemptions or reliefs of the lifetime transfer to which the sub-file relates
• Cumulative total - the aggregate value of chargeable transfers to be carried forward against future lifetime transfers.
• Open and closed - the dates you open and close the sub-file
• Items for which a corrective assessment required - this is usually used as a reminder box for replies, revised values are noted on the front cover and in the record of assessments
• Instalments - You can use this box to note the dates on which any tax that is being paid by instalments will fall due.