Form

How to fill in schedule D33

Updated 12 August 2024

When you should complete this form 

You must fill in form D33 if both of the following apply: 

• there were debts owed to the trust or transferor at the date of the event  

• the value of the debts is part of the transfer you’re telling us about  

If they were owed money from more than one source, you should fill in a separate form for each debt.  

You only need to complete questions 3 and 4 if the money owed was either a: 

• director’s loan account 

• current account with a company or other business  

If the loan was still outstanding at the date of the event 

You should tell us the value of the loan still outstanding.  

You should also include any interest still outstanding at the date of the transfer if the transferor passed the benefit of a debt to the transferee or forgave a loan. Do not include the outstanding interest if the transferor retained the right to receive it.  

If you think the full amount of the outstanding loan should not be included, you must: 

• explain why you’ve reduced the value 

• tell us what the reduced value is 

• show how the value has been worked out 

If the person transferring the debt passes it on or forgives a loan, you should include any interest owed at the transfer date (unless they kept the right to receive the interest). 

If the debt owned by a discretionary trust is forgiven, you should follow the instructions for proportionate charges (also known as ‘exit charges’).  

A proportionate charge is based on the value of relevant property that’s no longer held on discretionary trusts. In this case, you should not include interest owed on the debt at the date of the transfer because it’s not considered part of the property.

Evidence to prove the existence of the loan 

If you’ve answered ‘yes’ to question 6 you must tell us what evidence there is and include a copy with this form. For example, this could be a: 

• mortgage deed to show that the loan was secured on a property 

• letter between the trustees and the person borrowing the money 

If there’s no evidence, you should give brief details of the terms of loan. For example, the period of the loan and if it was repayable on demand.  

If the loan is linked to any insurance or insurance related product you must include a copy of the policy with this form.  

If interest was charged on the loan 

You must tell us: 

• what interest rate was charged 

• the period interest was charged over  

• how often interest was paid to the lenders 

If any capital was repaid before the date of the event 

You must tell us how much capital was repaid and when.  

You must also tell us if money was actually repaid to the trustees or if the repayment was the trustees writing off some of the debt. If the trustees wrote off some or all of the debt, you must attach a copy of the deed of release.

What happens next

You should use the figures in this schedule to help you fill in the IHT100 series form.

You must send this form alongside the completed IHT100 series form. Make sure you include copies of any documents we’ve asked for.

Get help 

You should contact the Inheritance Tax helpline if you need help completing this form.