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EFIS 58, October 2006 : Inheritance Tax / Inland Revenue

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In his Budget Statement the Chancellor of the Exchequer announced changes to the Inheritance Tax legislation in relation to Trusts and Alternatively Secured Pensions.

These proposals have now been enshrined in new legislation which is contained in the Finance Act 2006.

Her Majesty’s Revenue & Customs (HMRC) has amended the below forms to reflect these legislative changes. IHT100g and IHT105 are new forms which facilitate the supply of information to HMRC about alternatively secured or unsecured pension funds.

HMRC has amended IHT205(2006) and IHT207(2006) which are to be used for estates excepted from paying Inheritance Tax where a person died on or after 1st September 2006.

Practitioners should note that forms IHT205(2006) and IHT207(2006) do not replace your current editions of IHT205 and IHT207. These should continue to be used for deaths which occurred before 1st September 2006.

Likewise, previous versions of the Scottish forms IHTC5, IHTC5(OUK) and IHTC5(SE) can still be used for deaths which occurred before 1st September 2006.

IHTC5(2006), IHTC5(OUK)(2006) and IHTC5(SE)(2006) only apply to deaths on or after 1st September.

In addition, HMRC has also amended 64_8 to enable tax payers to authorise their agents to act for them in respect of providing certain information, including VAT.

The redesigned 64_8 form enables tax payers to authorise their agents to act for them concerning tax credits, payment of Corporation Tax, PAYE for employers, VAT, individuals, partnerships and trusts.

Existing authorisations and VAT “letters of authority to disclose” remain valid but from 1st September, HMRC have encouraged agents to use the redesigned version of 64_8 and discard the old VAT “authority to disclose” letters.

Forms affected

IHT200_WS Inheritance Tax Account Including worksheet New/Amended
IHT30 Application for a clearance certificate New/Amended
IHT100 Inheritance Tax Account New/Amended
IHT200(All) Inheritance Tax Account including all supplementary pages New/Amended
IHT100(ALL) Inland Revenue Account for Inheritance Tax, plus Event Forms, Supplementary Pages and Worksheet New/Amended
IHT200(TC) Inheritance Tax Account including all supplementary pages - Tenants in Common New/Amended
64_8 Authorising your agent New/Amended
IHT100g Alternatively secured pension chargeable event New/Amended
IHT105 Alternatively secured or unsecured pension fund return of information New/Amended
IHTD10A Household and personal goods given to charity New/Amended
IHT205(2006) Return of estate information New/Amended
IHT207(2006) Return of estate information (where deceased domiciled abroad) New/Amended
IHTC5(OUK)(2006) Return of estate information where deceased was domiciled abroad New/Amended
IHTC5(SE)(2006) Information about Small Estates New/Amended
IHTC5(2006) Return of estate information New/Amended
IHT200 Inheritance Tax Account New/Amended
IHTD1 The Will New/Amended
IHTD3 Gifts and other transfers of value New/Amended
IHTD5 Assets held in trust (settled property) New/Amended
IHTD6 Pensions New/Amended
IHTD10 Household and personal goods New/Amended
IHT200CHK Checklist 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.