A step by step guide on how to prepare an IHT418 schedule (assets held in trust)
Where to find the asset
How to add Interest in possession
How to add Future right to assets
How the asset appears on the IHT418
❗ Please note that HMRC have recently made significant changes to the IHT418. We will be working to update the version we host on the platform, but in the meantime please use the IHT418 form directly from the government website - Link to HMRC IHT418 form and guidance
👍 An IHT418 schedule will generate automatically once you add an Assets held in trust item to your case
Where to find the asset
- On your Estate overview, look along the asset and liability ribbon and click on Assets held in trust
- Once open, choose Type of trust from the drop down menu
Interest in possession
- Enter all relevant details in to the Account information section
- Enter relevant information in to Trustees or solicitors details
- If you need to add more than one, keep on clicking the Add another trustee or solicitor button until you've entered all details necessary
- Within the Trust value section, choose Yes if you have the details of the assets or No if you haven't and would prefer to enter a total value
If you choose No:
- Enter the Total value
- If tax is being paid now choose Yes, if it is being paid later choose No
- Click Save
If you choose Yes, two sections will appear, the first section is Property, business and share asset details and the second section is Other asset details. Click on the information icons 
to find out more about what type of assets should go in to these sections. For both sections:
- Enter the description and value of the Trust asset and if you have more, keep clicking the Add another trust asset button until you've entered all details necessary
💁 You'll see a running total value of the assets underneath the Trust asset information
- If there are any liabilities, exemptions or reliefs to be deducted from these assets choose Yes, if there aren't choose No
- If you have a liability, enter the description and value within Trust liability and if you have more, keep clicking the Add another trust liability button until you've entered all details necessary
💁 You'll see a running total value of the liabilities underneath the Trust liability information
- If you have an exemption to add, choose Exemption type, add the Exemption value and if you have more, keep clicking the Add another trust exemption button until you've entered all details necessary
💁 You'll see a running total value of the exemptions underneath the Trust exemption information
- For both Property, business and share asset details and Other asset details you will see the total value at the bottom of each section
- Is tax being paid on these assets now? is asked on both sections. Choose No if it is being paid later and Yes if it is being paid now
- The Total assets held in trust value is calculated at the bottom
- Click Save
Future right to assets
- Enter all relevant details in to the Account information section
- Add an Estimated value in to the Trust value section and click Save
How the asset appears on the IHT418
⭐ When you generate an IHT400, the IHT418(s) will generate automatically based on the information you have entered in to the asset. For more information on how to generate the IHT400 and schedules, please see here
⭐ Interest in possession and Future right to asset items will generate on to separate IHT418 schedules
⭐ If any information within the descriptions overflows, the overall total will appear in the last line of the relevant table and the details will continue in to Any other information on page 4
💡 When creating your asset within your case, if you chose not to enter all the details of the assets and instead only entered the total value, Exizent will map the total value to section 8 (the first table) so that it can be calculated in the overall total value further down the schedule
- We will map all relevant information from the asset you created but you will need to manually fill in the check boxes in section 1 to determine how the rest of the form is filled out:
Interest in possession:
Future right to assets held in trust:
⚡ All relevant information and values will automatically update in to the IHT400. To make any changes to the information held in this schedule, please update the information within the asset, save and then reopen the IHT418 to refresh the information. For more guidance around this, please see here
👷 Our team are regularly making improvements and adding new features. Some things may have changed since this guide was written as functionality gets even more fabulous. If you need further assistance, please contact the Customer Success team who are always happy to help.
🖥️ Chat to us through the knowledge base - click the chat icon in the bottom right corner of this page
☎️ Call us on 020 8152 2902
✉️ Email us on support@legal.exizent.com