HMRC releases new IHT forms for reporting chargeable events

Replacement of the IHT100 forms has been expected by practitioners for several years. Previously, taxpayers and personal representatives were required to complete form IHT100, an additional event form and supplementary schedules D31 to D40 in order to notify HMRC about each chargeable event when IHT is payable on a trust or gift. Following recommendations made by the former Office of Tax Simplification, there are now a series of combined IHT account and event forms for each different type of chargeable occasion. It is necessary only to complete and submit a specific IHT100 form depending on the chargeable event, along with the relevant supplementary schedules D31 to D39.

The new forms to be used are:

• IHT100a for gifts and other transfers of value;
• IHT100b to report termination of a qualifying interest in possession during the beneficiary's lifetime;
• IHT100b(death) for interest-in-possession assets held in trust at death;
• IHT100c for the relevant property trusts proportional (exit) charge and IHT100d for the relevant property trusts principal (ten-year) charge;
• IHT100e for charges on specialist trusts;
• IHT100f for heritage exempt property;
• and IHT100h for assets ceasing to be held in an age 18 to 25 trust.

Form IHT418 remains in use for assets held in trust, to be used by executors, or executors who are also trustees, to notify HMRC about the coming to an end on death of a person’s interest in a qualifying interest in possession trust.

HMRC also reminds the user that the trust should be registered with the Trust Registration Service, where applicable, and asks for a note of the trust's unique identification number, depending on if it pays tax.

The new IHT100 forms came into effect from 12 August 2024, but HMRC will accept old versions and schedules until 31 December 2024.

Sources

• HMRC
• Ross Martin
• CIOT
• AccountingWeb
• HMRC (guidance on reporting IHT due on a trust)