Gifts to employee trusts: procedure: liaison with HMRC - IHT
If you require any advice on the application of the Inheritance Tax provisions you should contact the WMBC Assets (Risk) team using the mailbox TREST, Liaison (Specialist PT Trusts & Estates).
WMBC Assets (Risk) will need to know:
- details of the assets transferred
- details of the date of transfer
- details of the cost of each asset
- the name of the trust fund
- the names and addresses of the trustees
- any HMRC - IHT reference.
If the transferor is a company, the report should indicate whether it is a close company as defined in CG36030.
In the case of an individual or close company WMBC Assets (Risk) will notify you whether the transfer was within IHTA84/S13 or IHTA84/S28. If it was, then you should accept that the conditions of TCGA92/S239 are satisfied.
In the case of a non-close company they will advise you whether the transfer would have qualified if the company had been close.