How to fill in schedule D34
Updated 12 August 2024
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This publication is available at https://www.gov.uk/government/publications/inheritance-tax-life-insurance-and-annuities-d34/how-to-fill-in-schedule-d34
When you should complete this form
You must fill in schedule D34 if the transfer of property held by the trust was linked with a life assurance policy.
What you need to include
You should use this form to tell HMRC if the transferor or trustees paid regular or lump sum premiums for any of the following life assurance policies.
Insurance policies
You should only include insurance policies that pay out to the transferee or the trust.
Mortgage protection policies
You should include the property, mortgage and policy as separate items.
Investment plans or bonds
An investment bond (also known as an ‘insurance bond’) linked to life assurance is usually set up with a single premium and should be included on this form.
You should include any unit-linked investment bonds with insurance companies or other financial service providers. Only include bonds that pay out 101% of the value of the units to the transferee or the trust.
You should also include any plans, bonds or contracts with financial service providers that pay out to the transferee on the death of the life assured.
Do not include any investment bonds not linked to life assurance. You should enter these on the relevant IHT100 form in the section about assets chargeable to tax.
Life insurance policies
You should include any policies that list the transferee or the trust as beneficiaries.
Payments under an annuity
An annuity is a contact with an insurance company that usually pays out a regular income in return for payments by the annuity owner (also known as the ‘annuitant’). These payments can be made in a lump sum or in a series of payments over time.
You should tell us if the transferee or trust received any payments under an annuity that continued after the death of the annuitant. You should also include any lump sums that were paid as a result of the death of annuitant.
What happens next
You should use the figures in this schedule to help you fill in IHT100 series forms.
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.