IHT 400 Supplementary pages

By Tolley
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The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

  • IHT 400 Supplementary pages
  • IHT402: claim to transfer unused nil rate band
  • IHT403: gifts and other transfers of value
  • IHT404: jointly owned assets
  • IHT407: household and personal goods
  • IHT409: pensions
  • IHT415: interest in another estate
  • IHT418: assets held in trust

Once you have made a start on completing the main form of the IHT400 , you will have identified which supplementary pages you need. See the IHT 400 guidance note. HMRC guidance on how to complete the supplementary pages is provided on the forms themselves. In addition, some of the schedules are explained in more detail in the Guide (IHT400 notes)  (third item on the page). This guidance note provides selective advice on dealing with some of the less obvious points of presentation when completing the schedules.

IHT402: claim to transfer unused nil rate band

Where the deceased has survived more than one spouse or civil partner, you must fill in one form IHT402  for each of them. Treat each on a stand-alone basis to calculate the transferable nil rate band entered in Box 20. Add together the Box 20 figures from each form to arrive at the total transferable nil rate band, to be transferred to the IHT calculation at Box 114 on the main form or Box 2 on the IHT400 Calculation  (fifth item on page). The maximum transferable nil rate band available is the value of one single nil rate band (£325,000), so if the total exceeds this, enter just £325,000 on the IHT calculation.

The forms will have to be revised to cater for the residence nil rate band, which will be introduced in April 2017.

In order to complete the form (Box 1) and calculate the transferable nil rate band, you will need to know the amount of the nil rate band for the year of death of the first spouse. The inheritance tax nil rate bands going back to 1986 are provided in the Nil rate band guidance note. Earlier nil rate bands under Capital Transfer Tax and Estate Duty are provided in the table of Inheritance tax thresholds  on the HMRC website.

As explained

More on IHT compliance for estates: