IHT400 Notes : Guide to completing your Inheritance Tax account

Other assets taken
into account to
calculate the tax,
page 10
Working out the
Inheritance Tax,
page 11
52
IHT400 Notes
99
and
100
101
105
109
Guide to completing your Inheritance Tax account
Some exemptions, for example, Charity Exemption, may apply to the estate
as a whole. Where this applies, apportion the relief between the assets
concerned, irrespective of how the legacy will be funded, so a proportion of
the relief may apply to the assets in column A and the other part to the
assets in column B. Do not deduct a transfer of unused nil rate band here,
use box 114 instead.
If you are deducting business or Agricultural Relief from an asset, you also
need to fill in Schedule IHT413 Business or partnership interests and assets
or Schedule IHT414 Agricultural Relief as appropriate.
Include in the boxes on page 10 all the other assets which need to be taken
into account in order to calculate the Inheritance Tax.
Assets held in trust on which the trustees would like to pay the tax now
The trustees of a trust in which the deceased was entitled to a benefit may
choose to pay the tax on that trust at the same time as the tax is paid on
the deceased's estate. If that is the case, enter in box 99 or 100 the value
of the assets held in the trust on which the tax is being paid now.
See page 15 of this guide for more information on trusts.
Nominated assets
If the deceased, during their lifetime, made a 'nomination' that an asset was
to pass to a particular person, enter the value of that asset, after deduction
of exemptions, in box 101. The only assets that can be nominated in this
way are deposits of up to £5,000 in friendly societies and industrial and
provident societies or, before 1 March 1981, National Savings certificates
and accounts.
Use the 'Additional information' pages on form IHT400 to give a description
of the nominated assets and the name of the person who is to receive
the assets and any exemption deducted.
Assets held in trust on which the trustees are not paying the tax now
If the trustees are going to pay the tax due on the trust separately, enter
here the value of the assets in trust. The value of the trust assets have to
be added to the total value of the estate in order to work out the total
Inheritance Tax due, but the trustees will be sent a separate calculation of
the tax due on the trust.
If there is no Inheritance Tax to pay, you do not need to fill in boxes 109 to
117 on page 11.
Reduced rate of Inheritance Tax
Fill in Schedule IHT430 Reduced rate of Inheritance Tax if the deceased
died on or after 6 April 2012 and at least 10% of the person’s net estate is
left to a qualifying charity.