HMRC has completed a long-overdue overhaul of the forms and associated guidance used to report chargeable events on which inheritance tax (IHT) is due on a trust.
Previously, if you needed to report IHT due on gifts or trusts you had to complete the ‘one-size-fits-all’ form IHT100 and submit this together with an event form relating to the specific transfer involved.
Form IHT100 has now been replaced with a suite of different forms specific to each type of chargeable transfer. The new forms have been designed to streamline and simplify the process of reporting chargeable events, reducing the scope for errors by minimising the volume of information you are required to submit to HMRC.
The full list of new forms and the specific circumstances in which each should be used is available on GOV.UK. If you need to tell HMRC about IHT due on a trust, you should only complete the form relating to the specific type of chargeable event. We can help you with this.
HMRC will continue to accept old versions of the IH100 forms and schedules until 31 December 2024.
Form P1000
When a person dies, any pre-existing agent authority is automatically cancelled, meaning that HMRC will no longer deal with agents or other authorised individuals on behalf of the deceased.
Form P1000 allows personal representatives of a deceased person’s estate to engage with HMRC, and to provide their contact details. The form has been made available on GOV.UK so that executors and their agents no longer have to wait several weeks to receive the form from HMRC via post.