Problems completing IHT403

Beresfordboy

In order to make things easier for those who come after me, I decided to complete my own IHT403, listing all the gifts I've made in the last seven years.

First problem was I couldn't complete Question 7, pages 3 & 4 on my Apple Mac, the numbers came out sideways for some reason. So I switched to Chrome and that seems to work OK. But I've got a large number of gifts to enter, more than will go on the two pages. Is it acceptable to do these on a spreadsheet to be appended to IHT403?

And am I correct in thinking that ALL gifts have to be reported, including those falling under the annual £3k allowance?

Regards, and thanks in advance.

Keep_pedalling

Wr don’t have massive numbers of gifts to record but still just use a spreadsheet to record them rather than put them on the form.It will be relatively easy for our executors to transfer that data to the form when the time comes. If there is still too many to fit on the forms when you die then your executors can add a print out from a speadsheet with all the gifts listed.

Where the form is really useful is if you are making gifts from excess income.

Beresfordboy

OK, thanks for the speedy reply. I guess it’ll just have to be the spreadsheet, which I already have, will just need some tweaking to be in the HMRC format.

And ALL gifts have to be included, even exempt ones?

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81979278#Comment_81979278

You don’t have to declare all totally exempt gifts, so none of the £250 gifts to people receiving no other gifts can be omitted. As can anything totally covered by you annual £3k exemption. Gifts from excess income do need to be declared as you have to show there was excess income.

I do record these for my own purposes and to give executors a complete picture.

Beresfordboy

https://forums.moneysavingexpert.com/discussion/comment/81979374#Comment_81979374

I would’ve thought that gifts under the annual £3k have to be listed; isn’t that why there’s a column headed “B - Exemptions or reliefs deducted”?

Beresfordboy

https://forums.moneysavingexpert.com/discussion/comment/81980031#Comment_81980031

If I can explain further, if there was a gift of £9,000 in one year to one person, presumably £3,000 can be claimed as exempt and the balance is potentially subject to IHT. How would that get shown on this form?

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81980056#Comment_81980056

That sort of gift would need to be declared in full plus the exemption. If you made a single gift of £3k it would not need declaring.

Beresfordboy

https://forums.moneysavingexpert.com/discussion/comment/81980124#Comment_81980124

OK, thanks, that's clear.

morgmonster

Just re doing these forms on a mac - I had success downloading them and opening them in adobe acrobat. I was able to save them, and all the auto-calculations worked.