IHTM10693 - Investigating supplementary form: D39 - Foreign assets

The information requested on this form is similar to that requested on form IHT417 (IHTM27011) for IHT400.

Assets

The trustees will record all the trust’s stocks, shares and securities which are listed on a non-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.

Holdings of foreign unquoted shares should be referred to Shares and Assets Valuation (SAV).

Other foreign assets may include bank accounts, household goods etc (IHTM27031). Household goods and personal effects are valued in the same way as if there were within the UK, i.e. open market value.

Liabilities

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).

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 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.