HMRC have announced that from August 2024, the IHT100 form to be completed for the reporting of gifts and other transfers of value and Inheritance Tax (IHT) reporting for trustees has been replaced by several standalone forms which are specific to the event being reported.

The new forms are already available on HMRC’s website and are a welcome change to the previous forms for those practitioners responsible for reporting gifts, transfers of value or IHT charges for trustees.

There is now a separate form for each type of chargeable event and that form will be the only form to be completed, depending on the event to be reported.  A welcome addition to the new suite of forms will be the IHT100H which will be used to report assets that were previously held in an 18-25 trust. The previous forms did not cater for reporting those charges and a detailed covering letter had to be sent to HMRC accompanying the forms to explain how the charge had been calculated.

HMRC have also confirmed that wet signatures are not required, as long as the names and personal details of the trustees are shown on the declaration page and that the agent or trustee declaration statement (depending on who is submitting the form) is included on the additional information page of the form being submitted, rather than on the covering letter, as was previously the case.

The supplementary pages detailing the assets subject to charge (such as form D32 for stocks and shares) will still be required.

It has taken a number of years for the forms to be drafted and published but they are now available on HMRC’s website for immediate use and we will continue to assist Trustees with IHT reporting obligations, including the preparation of these new event forms, where required.