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EFIS 39, July 2005 : Inheritance Tax / Inland Revenue

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We have updated IHT205 in accordance with amendments to this form.

In addition, we have added a new form to this range.

IHT500 should be used where a taxpayer is liable to Income Tax on the benefit received from property which the taxpayer previously elected to be treated as part of his or her estate for the purposes of Inheritance Tax.

We have made minor macro amendments to SA108, SA905.

Finally, we are re-supplying form SDLT1 which has macro amendments/improvements. We recommend users run OyezForms V8.06H+. Practitioners may find the following submission notes useful:


OUTPUT METHOD A - COMPLETE SUBMISSION:

1. Usual option if you have completed Field 4 (Effective Transaction Date), and the Client is ready to sign the Declaration.
2. Barcodes will be produced
3. This option can also be used if the Agent is acting for the Client under Power of Attorney


OUTPUT METHOD B - TWO STAGE SUBMISSION:

(i) Agent's Copy for Client Signature

1. For obtaining a client's signature prior to Filling Field 4 (Effective Transaction Date)
2. NO barcodes will be produced, this version is for Agent's records, and not for submission to the Inland Revenue
3. The Agent must subsequently sign a separate barcoded copy on their client's behalf (stage ii)

Forms affected

SDLT1 Land Transaction Return New/Amended
IHT205 Return of estate information New/Amended
IHT500 Election for Inheritance Tax to apply to asset previously owned New/Amended
SA108 Self Assessment Capital Gains New/Amended
SA905 Trust and Estate Capital Gains New/Amended

Crown copyright forms are reproduced with the permission of the Controller of the Stationery Office. Law Society forms are reproduced with the permission of the Law Society. Legal Aid Forms are produced with the permission of the LSC.