HMRC recently introduced a redesigned IHT100 suite of forms, aimed at simplifying the reporting of chargeable lifetime transfers by individuals and transfers made by trusts.
Previously, individuals needed to complete both an IHT100 form and a separate ‘event’ form, depending on the type of transfer. This system was complex, involving different forms for various charges, each calculated differently and reporting distinct events.
With the new changes, the IHT100 form and the IHT100WS worksheet have now been phased out. Their content has been integrated into the redesigned event-specific forms. Now, only the relevant event form and any applicable supplementary (D) forms need to be filled out, streamlining the reporting process significantly.
Furthermore, the IHT100b form has been split into two separate forms to cater to different scenarios: one for lifetime terminations of a qualifying interest in possession trust (IHT100b), and another for terminations occurring upon death (IHT100b (death)). A new form, IHT100h, has also been introduced to report assets leaving an 18-25 (s71D) trust.
These updates have had a significant impact on the simplicity of IHT event reporting. While previous forms and schedules have been removed from the HMRC website, they will still be accepted until 31 December 2024.
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How we can help you
If you have any queries about the recent changes to IHT reporting or need guidance in filling out and submitting IHT forms, please get in touch with Vanessa Glenn, our Senior Tax Manager, who will be able to support you.
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Email: [email protected]
Phone: 01926 422292
