Malcolm Finney looks at the possibility of saving time by avoiding IHT100 filings.
Completing returns or reports required under the provisions of IHTA 1984 can sometimes be difficult, time-consuming and costly. It is therefore important to understand where such returns or reports are not needed.
What does it cover?
This article focuses on the Form IHT100, ‘Inheritance Tax Account’, which is widely used to report lifetime chargeable transfers and transfers involving trusts. Form IHT100 is used to report lifetime chargeable transfers (including transfers into relevant property trusts), failed potentially exempt transfers (PET), ten year and exit charges of relevant property trusts, and terminations of qualifying interests in possession.
However, no report or return under IHT100 is necessary where a transfer qualifies as an
