Fillable Gifts and other transfers of value (Cabinet Office)

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Gifts and other transfers of value (Cabinet Office)

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Gifts and other transfers of value
Schedule IHT403
When to use this form
Fill in this form to tell us about any gifts the deceased made
on or after 18 March 1986.
Do not tell us about any gifts where the total value was £3,000
or less in any tax year, small amounts of £250 or less or if the
gifts were made to a spouse or civil partner.
To work out the total value of the estate (on which tax is
charged) we may need to add the value of these gifts to the
value of the estate at the date of death.
Taper relief
Do not deduct taper relief on this form. Taper relief is only
available on the tax on gifts that both:
• haveacombinedvaluethatismorethantheInheritanceTax
nil rate band available for the estate
• aremadebetween3and7yearsbeforethedateofdeath
If tax is due on the gifts HMRC will send you separate
calculations and include any taper relief due.
For more information about taper relief go to
www.gov.uk/inheritance-tax
IHT403 Page 1 HMRC 05/20
Name of deceased
Date of death DD MM YYYY
Inheritance Tax reference number (if known)
Help
Please read the guidance notes for form IHT403 in the IHT400,
‘Notes’ before filling in this form.
For more information or help or another copy of this form:
• gotowww.gov.uk/inheritance-tax
• phoneourHelplineon03001231072–ifcallingfrom
outsidetheUK,phone+443001231072
1
Did the deceased make any gifts or transfer assets to
or for the benefit of another individual, charity or
other organisation?
No Yes
2
Did the deceased create a trust or settlement?
No Yes
3
Did the deceased transfer additional assets into an
existing trust or settlement?
No Yes
4
Did the deceased pay any premium on a life assurance
policy for the benefit of anyone (other than themselves)
who was not their spouse or civil partner?
No Yes
5
Was the deceased entitled to benefit from any assets
held in trust or in a settlement which, during their
lifetime, came to an end (either in whole or in part)?
No Yes
6
Are you claiming that gifts should be treated as exempt
as ‘gifts out of income’?
No Yes
A
Ifyouanswered‘Yes’toanyofthesequestions,givefulldetailsonpages2to7.
If you answered ‘Yes’ to question 6, give full details on pages 2 to 8.
Gifts made within the 7 years before death
Surname or agent name
First names
Phone number
Address
Postcode
Surname or agent name
First names
Phone number
Address
Postcode
Surname or agent name
First names
Phone number
Address
Postcode
Surname or agent name
First names
Phone number
Address
Postcode
IHT403 Page 2
Gifts made within the 7 years before death continued
If Inheritance Tax is due on any of the gifts, the people who received them are liable to pay the tax due on them.
This is separate from the Inheritance Tax that may be due on the estate. A year after the date of death, the executors or
administrators of the deceased’s estate become jointly liable for the tax on the gifts.
We can only contact you about the gifts if the people who received them have authorised you to deal with us on their behalf.
Surname or agent name
First names
Phone number
Address
Postcode
Surname or agent name
First names
Phone number
Address
Postcode
No Provide details of the people we should contact
about the tax due on any lifetime gifts in the
boxes below.
Yes Gotoquestion7
Have the people who have received the gifts authorised you to deal with us on their behalf?
IHT403 Page 3
Gifts made within the 7 years before death continued
If you answered ‘Yes’ to any of the questions on page 1, please give full details below (continue on next page if necessary).
If you’re deducting charity exemption enter the full name of the charity, the country of establishment and the HMRC charities reference, if available, in Type of exemption or relief column.
7
Continued on page 4
Date of
gift
Name and relationship of individual,
charity or other organisation
who received the gift
(for example, son, daughter,
business partner)
Description of assets given away
(for example, cash, the address of a house,
the number of shares in a particular company,
the premium paid on an insurance policy)
Type of exemption
or relief (for example,
Charity Exemption,
Agricultural Relief or
Business Relief)
A
Value at
date of gift
£
B
Exemptions or reliefs
deducted (do not
deduct taper relief here)
£
C
Net value
A minus B
£
IHT403 Page 4
Gifts made within the 7 years before death continued
If you answered ‘Yes’ to any of the questions on page 1, please give full details below.
If you’re deducting charity exemption enter the full name of the charity, the country of establishment and the HMRC charities reference, if available, in Type of exemption or relief column.
TotalofcolumnC–copy
this amount to form IHT400,
box 113 or form IHT400,
‘Calculation’, box 4
Date of
gift
Name and relationship of individual,
charity or other organisation
who received the gift
(for example, son, daughter,
business partner)
Description of assets given away
(for example, cash, the address of a house,
the number of shares in a particular company,
the premium paid on an insurance policy)
Type of exemption
or relief (for example,
Charity Exemption,
Agricultural Relief or
Business Relief))
A
Value at
date of gift
£
B
Exemptions or reliefs
deducted (do not
deduct taper relief here)
£
C
Net value
A minus B
£
Total net value after exemptions or reliefs
7
IHT403 Page 5
8
Did the deceased transfer any assets, after 18 March 1986, to any individual, trust,
company or other organisation where the deceased continued to have use and enjoyment,
or a right or benefit, from the gifted asset? No Yes
9
Did the deceased transfer any assets, after 18 March 1986, to any individual, trust,
company or other organisation where the person or organisation receiving the asset
did not take full possession of them? No Yes
If the gift was a house or land
10
Did the deceased (or their spouse or civil partner) continue to have a significant right or
interest in the house or land, which enabled them to occupy or have some benefit from it? No Yes
11
Was the deceased (or their spouse or civil partner) party to a significant arrangement
such as a lease or trust which let them occupy or have some benefit from it? No Yes
12
If you answered ‘Yes’ to any of the above questions, please give full details below
Date of
gift
Name and relationship of
person who received the gift
(for example, son, daughter,
business partner)
Description of assets given away
(for example, household goods, the address
of a house, the number of shares in a
particular company, the premium paid on an
insurance policy)
Type of exemption or
relief (for example,
Charity Exemption,
Agriculatural Relief or
Business Relief)
A
Value at
date of death
£
B
Exemptions or reliefs
deducted (do not
deduct taper relief here)
£
C
Net value
A minus B
£
Total net value after exemptions or reliefs
12
Gifts with reservation of benefit
Please answer the following questions about gifts made by the deceased on or after 18 March 1986.
If you’re deducting charity exemption enter the full name of the charity, the country of establishment and the HMRC charities reference, if available, in Type of exemption or relief column.
IHT403 Page 6
13
Did the deceased receive any benefit from pre-owned assets and pay
Income Tax on the benefit? No Yes
14
Did the deceased receive any benefit from pre-owned assets and elect
to pay the Inheritance Tax charge under the reservation of benefit rules? No Yes If Yes, fill in the table at box 16
15
Did the deceased contribute to the purchase of any assets by another
person from which the deceased received a benefit? No Yes If Yes, fill in the table at box 16
16
If you answered ‘Yes’ to questions 14 or 15, please give full details below
Date of transfer
or purchase
Date of election
shown on form
IHT500
Description of assets transferred
or purchased (if the asset was a
house or land, give the address)
POA reference
number
(see IHT400, ‘Notes’)
Type of exemption or relief
(for example,
Charity Exemption,
Agriculatural Relief
or Business Relief)
A
Value at
date of death
£
B
Exemptions or reliefs
deducted (do not
deduct taper relief here)
£
C
Net value
A minus B
£
Pre-owned assets (POA)
If you’re deducting charity exemption enter the full name of the charity, the country of establishment and the HMRC charities reference, if available, in Type of exemption or relief column.
Copy this amount to
form IHT400, box 104
Total net value after exemptions or reliefs
16
Total of gifts with reservation and pre-owned assets (box 12 total + box 16 total)
17
18
Didthedeceasedmakeanychargeabletransfersduringthe7yearsbeforetheearliestdateofthegiftsshownatbox7?
No If you answered ‘Yes’ to question 6 on page 1, go to box 20, if you answered ‘No’ to question 6, you’ve finished this form
Yes Go to box 19
19
If you answered ‘Yes’, please provide full details below. Do not include the value in any of the tax calculations
Date of
gift
Name and relationship of individual,
charity or other organisation who
received the gift (for example, son,
daughter, spouse or civil partner)
Description of assets given away
(for example, cash, the address of a house,
the number of shares in a particular company,
the premium paid on an insurance policy)
Type of relief or
exemption (for example,
Charity Exemption,
Agriculatural Relief or
Business Relief)
A
Value at
date of gift
£
B
Exemptions or reliefs
deducted (do not
deduct taper relief here)
£
C
Net value
A minus B
£
IHT403 Page7
Earlier transfers
If you’re deducting charity exemption enter the full name of the charity, the country of establishment and the HMRC charities reference, if available, in Type of exemption or relief column.
20
Income
Tax year in which gifts made
(for example, 6 Apr 2005 to
5 Apr 2006)
Salary
Pensions
Interest (including PEPs
and ISAs)
Investments
Rents
Annuities (income element)
Other
Minus Income Tax paid
Net income
21
Expenditure
Mortgages
Insurance
Household bills
Council Tax
Travelling costs
Entertainment
Holidays
Nursing home fees
Other
Total expenditure
22
Surplus (deficit) income for the year
(Net income minus
total expenditure)
Gifts made
IHT403 Page 8
Gifts made as part of normal expenditure out of income
Only fill in this page if you’ve ticked ‘Yes’ to box 6 on page 1. This is a guide to the type of income and expenditure the deceased may have had so that you can show that gifts made
were part of the deceased’s normal expenditure out of their income. Give details of the deceased’s income and expenditure for each of the years in which the gifts were made.
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Gifts and other transfers of value (Cabinet Office)

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Completed 20 November 2020

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