IHT400 Notes : Guide to completing your Inheritance Tax account

When is Business
Relief available?
What is the rate
of relief?
34
IHT400 Notes
Guide to completing your Inheritance Tax account
Schedule IHT413
Business and partnership interests
and assets
You must fill in Schedule 413 Business and partnership interests and assets
if the deceased owned:
• a business or part of a business, or
• an asset used in a business and you are deducting Business Relief.
If necessary, complete a separate form for each business partnership or
asset used in a business. For more information on Business Relief go to
www.hmrc.gov.uk/inheritancetax or phone our helpline
on 0845 30 20 900.
For Business Relief on shares use Schedule IHT412 Unlisted stocks and
shares, and control holdings instead of Schedule IHT413.
The relief is available for transfers of certain types of business, business
assets and shares. The deceased must have owned the assets for a
minimum period, generally two years, and the assets must also qualify
under a number of other rules.
If the asset qualifies for relief, the rate at which relief is allowed is shown in
the table on page 35. The relief is given by deducting the relevant
percentage of the capital value of the asset.
If the asset qualifies for 100% relief, you should include the value of the
asset in box 69 on form IHT400. You should deduct the relief using the
same figure in box 93 on form IHT400.