How do I prepare an IHT418 schedule?

A step by step guide on how to prepare an IHT418 schedule (assets held in trust)

Use the below links to access guidance needed:

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 

Where to find the asset 

• On 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 

• Select the Capacity from the dropdown - this will determine which areas of the IHT418 will be populated 

 

Interest in possession 

• Enter all relevant details in to the Account information section ensuring the correct Capacity is selected
• Enter relevant information in to Trustees and solicitors details

• Enter relevant information into Trustee details, if you need to add another Trustee click on Add another trustee button until you've entered all details necessary 

• Within the Trust value section, choose Yes if you have the details of the assets 

• Two sections will appear, the first section is Properties, businesses and controlling shares 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 Properties, businesses and controlling shares details select the Asset Type from the dropdown

• Enter the description and value and if you have more, keep clicking the Add another trust asset button until you've entered all details necessary 
• For Other assets details select the Asset Type from the dropdown

• Enter the description and value and if you have more, keep clicking the Add another trust asset button until you've entered all details necessary 

If you don't have details of all the assets in the trust and their values, choose No:

• Enter the Total value
• If tax is being paid now choose Yes, if it is being paid later choose No 
  
  

• 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 chosen Yes to say there is a liability, enter the Name of creditor, Description and Value and if you have more, keep clicking the Add another trust liability button until you've entered all details necessary 
• If you have chosen Yes to say there are exemptions, 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 

• 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 ensuring the correct Capacity is selected
• Ensure that the Name of the person who is receiving the benefit is recorded in the appropriate field
• Ensure that the Age of the person who is receiving the benefit is recorded in the appropriate field

• Add an Estimated value in to the Trust value section and click Save

How the asset appears on the IHT418 

• We will populated the form dependent on how you have entered information into your Trust Asset, the Type of Trust and the Capacity. There will still be some areas of the form that require to be completed manually and these will be in a grey box and editable. 
• Below is an example of how the IHT418 schedule will be populated when the trust type is Interest in possession with capacity of Executor or Administrator of the estate