Investigating supplementary form: D39 - Foreign assets
The information requested for on this form is similar to that requested for on form IHT417 (IHTM27011) for IHT400.
The trustees will record all the trust’s stocks, shares and securities (IHTM27021) which are listed on outside UK Stock Exchange, giving full identification details and the open market value (IHTM09703). The total values of the holdings and any dividends/interest should be shown. To establish the correct open market value referral should be made to Shares and Assets Valuation (Foreign) (SAV(F)) on form 516 (F) (IHTM18080)
If the holding is of foreign unquoted shares, referral to SAV(F) should be by Val 70 (IHTM18151) for valuation.
Other foreign assets may include bank accounts, household goods etc (IHTM27031). If valuations include the local currency, SAV(F) should be asked to confirm the exchange rate into Sterling (IHTM27051) on form 516(F) (IHTM18080). Household goods and personal effects are valued in the same way as if there were within the UK, i.e. open market value.
Foreign debts (IHTM27032) must be deducted first against the value of foreign property, any remaining debt must then be offset against the free estate non-instalment option property.
Exemptions and reliefs
If an allowance is being claimed for any expenses incurred in administering or realising the property (IHTA84/S173), ensure that the allowance does not exceed 5 per cent of the value of the relevant property. More instructions are contained within IHTM27050 (IHTM27050).
All other exemptions and/or reliefs should be considered in the same way as if they were claimed against normal UK assets.
Foreign land or buildings
All foreign land and buildings must be referred to SAV(F) with instructions to value the land at the relevant date.
Attach copies of any valuations of the land, descriptions, photographs etc.
Liabilities and exemption and reliefs should be considered in the normal way.