HMRC have recently redesigned and replaced the IHT100 suite of Inheritance Tax (IHT) forms that are used to report transfers by trusts and Chargeable Lifetime Transfers (CLTs) by individuals.
Previously, for reportable transfers, it was necessary to file an IHT100 along with a separate 'event form’ relating to the specific transfer involved.
These forms, and the associated IHT100WS worksheet, have now been discontinued and replaced with standalone event forms specific to the chargeable event being reported.
In future, it will only be necessary to file the relevant IHT100 event form along with any supplementary schedules that are also relevant (i.e. forms D31 to D40).
Other changes include form IHT100b, which has been split into two forms: one that deals with a lifetime termination of a Qualifying Interest In Possession (QIIP) and another which deals with QIIP terminations on death. In addition, a new IHT100h deals with assets leaving an 18-25 trust.
The full list of current IHT100 forms is:
- IHT100a: gift or other transfers of value in a trust.
- IHT100b: end of a QIIP.
- IHT100b (death): end of a QIIP because someone has died.
- IHT100c: Exit charge on assets in a trust.
- IHT100d: IHT on the 10 year anniversary of a trust.
- IHT100e: charges on special trusts.
- IHT100f: the ending of a Conditional exemption.
- IHT100h: assets previously held in an '18 to 25' trust.
The revised supplementary schedules are:
- D31: Transferor or settlor Domiciled outside of the UK.
- D32: Stocks and shares owned by the trust or transferor.
- D33: Debts owed at the time of the chargeable event.
- D34: Trust transfers that included life insurance policies and annuities.
- D35: Household and personal goods involved in a chargeable event.
- D36: Land and buildings included in a chargeable event.
- D37: Agricultural relief on assets held in a trust.
- D38: Business relief for assets held in a trust.
- D39: Foreign assets in a trust.
Other IHT forms updated are:
- IHT122: apply for an Inheritance Tax reference after a chargeable event.
- IHT418: assets held in trust.
HMRC will continue to accept the previous versions of the IHT100 forms and schedules until 31 December 2024.
Useful guides on this topic
UK Trusts
What is a trust? What types of trust are there? How are UK trusts taxed?
How to set up a UK trust
What are the tax implications of setting up a trust? What do I need to do as a settlor? What do the trustees need to do?
How to close a UK trust
What are the tax implications of winding up a trust? What do I need to do as a trustee to wind up a trust? Why wind up a trust?
Trusts & Estates: Ten-year charge reporting requirements
What is the ten year charge (or principal or periodic charge) and when does it apply?
Trusts & Estates: Exit charge reporting requirements
What is an exit charge, or proportionate charge, and when does it apply?
IHT Business Property Relief
A guide explaining what Business Property Relief is, when it can apply and pitfalls and planning points
IHT Agricultural Property Relief
What is Agricultural Property Relief (APR)? When does it apply? What are the conditions and restrictions of the relief?
